The Canadian convenience store firm has raised its bid to acquire Caltex Australia from $34.50 per share to 135.25 per share, which adds up to a $187.3MM increase on Alimentation Couche-Tard's initial offer to $8.8B. A statement from Caltex Australia read, "Alimentation Couche-Tard has indicated that its revised price is its best and final price in the absence of a competing proposal." RBC Capital Markets analyst Irene Nattel opined that the "best and final" language used by Couche-Tard was designed to prevent out any serious competing bids. Caltex will make a decision early in the week of Feb. 17 on whedier to offer full due diligence to Couche-Tard for its improved bid.
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