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The Globe and Mail

Couche-Tard warns Statoil holdouts that offer won’t go higher

A Couche-Tard outlet in Montreal.

John Morstad/The Globe and Mail

Alimentation Couche-Tard has issued another warning to shareholders of Statoil Fuel & Retail who may be waiting for a higher offer.

The Montreal-area company that owns Mac's and Couche-Tard convenience stores and Circle K gas bars says it won't pay more for the Scandanvian company.

Couche-Tard's offer values Statoil Fuel at about $2.7-billion.

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It originally wanted to buy at least 90 per cent of Statoil Fuel's stock but dropped that minimum threshold last week.

It didn't say in the announcement how many shares have been tendered so far.

Couche-Tard has previously said that more than two-thirds of Statoil Fuel's shares had been tendered to its offer – enough to control the company.

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