Caltex Australia Ltd <CTX.AX> said on Monday that the A$3.9 billion-plus ($2.61 billion) proposal from Britain's EG Group undervalued the company but that it was open to more talks for a potential transaction.
EG Group made the offer last month, including A$3.9 billion in cash and separate shares in a new, listed infrastructure and refinery company made up of Caltex's remaining assets.
The offer came just days after Canada's Alimentation Couche-Tard Inc's <ATDb.TO> twice-improved A$8.80 billion bid.
Last Tuesday, Caltex Australia named Chief Financial Officer Matthew Halliday an interim chief executive - as it evaluates the two proposals.
The takeover tussle comes as Caltex works to boost margins from its refining business and its fuel and convenience store businesses, while planning a public listing of a property trust with around 250 of its petrol station sites.
EG Group was not immediately available for comment outside office hours.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Peter Cooney)
