Alimentation Couche-Tard Inc. (ATD_A.TO,ATD_B.TO) reached a definitive deal for a voluntary offer to acquire Statoil Fuel & Retail ASA for NOK 53 per share cash before reduction for any dividends and other distributions after December 31, 2011, valuing the total share capital of Statoil Fuel & Retail at NOK 15.9 billion or $2.8 billion. Total transaction enterprise value is around $3.6 billion on a fully diluted basis.
The offer represents a premium of 52.5% to the closing price of the Statoil Fuel & Retail shares on April 17th, 2012, and a premium of 31.7% to the volume weighted average share price for the half year ending on April 17, 2012. Also, Couch-Tard anticipates significant and immediate accretion to net earnings per share on acquisition of Statoil Fuel & Retail.
The Offer period may begin as soon as possible and no later than April 23rd, 2012 pending approval from the Oslo Børs, the stock exchange in Oslo, with the initial offer period being 20 U.S. business days. Couche-Tard anticipates to use its existing credit facilities and a new 3-year $3.2 billion acquisition credit facility to finance the offer.
by RTT Staff Writer
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