Alimentation Couche-Tard extends its voluntary offer for shares of Statoil Fuel & Retail to June 8, 2012
LAVAL, QC, May 29, 2012 /PRNewswire/ - Alimentation Couche-Tard Inc. ("Couche-Tard") (TSX: ATD.A ATD.B) today announces that its voluntary offer to acquire all of the issued and outstanding shares of Statoil Fuel & Retail (SFR/Oslo Børs) ("Statoil Fuel & Retail") for NOK 51.20 per share in cash (NOK 53.00 before dividend of NOK 1.80 paid to shareholders on May 9, 2012) has been extended and will now expire at 17:30 CET on June 8, 2012.
"We are grateful to those Statoil Fuel & Retail shareholders who have accepted our offer to date and we are today extending our offer for a further 10 days to allow the remaining shareholders the opportunity to do so. This extension is crucial for the completion of this transaction and we outline the fact that we are getting near the end of this process" says Alain Bouchard, President and Chief Executive Officer of Couche-Tard.
"We understand that certain Statoil Fuel & Retail shareholders are either waiting to tender at the last minute to avoid having their shares locked-up once tendered or are as yet unclear whether our 53% premium offer represents full value for their shares. We firmly believe that our all-cash offer does provide full value and is the best transaction for all stakeholders of Statoil Fuel & Retail, including shareholders, employees and customers; it should be understood that this offer is the result of extensive negotiation, has been accepted by Statoil ASA, and is recommended by the board of directors of Statoil Fuel & Retail. Furthermore, we are standing by our offer level notwithstanding material falls in global stock market indices and economic uncertainties in Europe since we made our original announcement."
"We remain committed and ready to close this transaction as soon as we receive an appropriate acceptance level. At this stage, we retain all our options, including letting our offer expire, and our shareholders can trust that we will act in their best interests at all times. Although this acquisition remains our preferred transaction, we still remain active on other options and time is becoming of essence."
"Thank you to Statoil Fuel & Retail's shareholders that have been and will be supportive of our offer; we are convinced it represents full and immediate value for your investment", concluded Couche-Tard's President and Chief Executive Officer.
For questions regarding the Offer, please contact:
Nordea Bank Norway ASA, Issuer Services
Tel: +47 22 48 62 62
Fax: +47 22 48 63 49
About Alimentation Couche-Tard Inc.
Alimentation Couche-Tard Inc. is the leader in the Canadian convenience store industry. In North America, Couche-Tard is the largest independent convenience store operator (whether integrated with a petroleum corporation or not) in terms of number of company-operated stores. As of January 29, 2012, Couche-Tard had a network of 5,817 convenience stores, 4,225 of which include motor fuel dispensing. At the same date, the Corporation had agreements for the supply of motor fuel to 338 sites operated by independent operators. Couche-Tard's network consists of 13 business units, including nine in the United States covering 42 states and the District of Columbia, and four in Canada covering all ten provinces. More than 53,000 people are employed throughout Couche-Tard's retail convenience network and service centers.
For more information on Alimentation Couche-Tard, please visit: http://www.couchetard.com/corporate/
The statements set forth in this news release, which describe Couche-Tard's objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "will", "plan", "evaluate", "estimate", "believe", "expect" and other related expressions are used to identify such statements. Couche-Tard would like to point out that, by their very natures, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche-Tard's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in Canada. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this news release is based on information available as of the date of the release.
SOURCE ALIMENTATION COUCHE-TARD INC.