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Benzinga
Benzinga
Business
Akanksha Bakshi

Couche-Tard Agrees To Repurchase ~5.5M Class A Multiple Voting Shares From CDPQ

CDPQ TSX
  • Alimentation Couche-Tard Inc. (TSX:ATD) (OTC:ANCTF) has entered a private agreement with Caisse de dépôt et placement du Québec (CDPQ) for the repurchase for cancellation of ~5.48 million Class A multiple voting shares held by CDPQ for C$54.77 per Class A share, for a total consideration of ~C$300 million.
  • The repurchase price represents a discount of 3% on the closing price of the Class A shares on TSX on April 4, 2022, and will be paid using Couche‑Tard's cash on hand.
  • CDPQ will hold ~52.3 million Class A shares, representing ~5% of Couche-Tard's total shares outstanding, after completion.
  • The company will make the share repurchase in connection with its normal course issuer bid commenced on April 26, 2021.
  • Couche-Tard held cash and equivalents of $2.53 billion as of January 30, 2022.
  • Price Action: ANCTF shares closed higher by 1.75% at $45.33 on Monday.
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