Management at Metro Inc. sure knows how to time the market.
For years they’ve sat on their block of Alimentation Couche-Tard Inc. shares, leaving everyone to wonder when, or if, they’d ever sell.
On Tuesday the answer finally came.
After the market closed, Metro announced a $479-million bought offering of Couche-Tard’s common shares priced at $47.90. That’s a 2.2 per cent discount to Tuesday’s close, but really, who cares. In one year, Couche-Tard’s shares shot up a stunning 64 per cent and since 2008 they’re up 190 per cent.