SAN ANTONIO –CST Brands Inc. stockholders have approved the previously announced merger agreement with a U.S. subsidiary of Alimentation Couche-Tard Inc. at its special meeting held today.
Stockholders representing approximately 84% of the total shares outstanding as of the Oct. 7, 2016, record date voted at the special meeting, and approximately 99.7% voted in favor of the merger.
Under the terms of the merger agreement, CST stockholders will receive $48.53 in cash per share, without interest, as a result of the closing of the transaction.
The transaction remains subject to customary closing conditions, including the receipt of necessary governmental and regulatory approvals.
CST Brands, based in San Antonio, has more than 2,000 locations throughout the southwestern United States, Georgia, Florida, New York and eastern Canada. In the United States, it operates Corner Stores, Nice N Easy Grocery Shoppes and Flash Foods convenience stores. In Canada, CST is the exclusive provider of Ultramar fuel at its Depanneur du Coin and Corner Stores. CST also owns the general partner of CrossAmerica Partners LP, a master limited partnership and wholesale distributor of fuels, based in Allentown, Pa.
Laval, Quebec-based Couche-Tard’s global retail network includes more than 12,000 locations, primarily under the Circle K brand. In North America, its network consists of approximately 7,875 convenience stores, including approximately 6,475 stores selling motor fuel. It has 15 business units, including 11 in the United States covering 41 states and four in Canada covering all 10 provinces.
Watch for details in CSP Daily News.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.