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Couche-Tard warns higher offer for Statoil not forthcoming

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Alimentation Couche-Tard (ATD.B-T) is reiterating that its offer for Norway's Statoil Fuel & Retail is its last.

The company's CFO says their offer is its best and final proposal and says shareholders holding out for a better offer will be disappointed.

"We understand that certain investors and shareholders of Statoil Fuel & Retail could believe we may eventually increase our offer,” CFO Raymond Paré said in a statement on Monday. “Considering we will be settling on June 19 any shares validly tendered by tomorrow, we thought it would prove important to clarify any remaining mis-perception or misunderstanding with respect to our intentions.”

“As such, we underscore and reiterate that our message remains consistent and therefore, our NOK 51.20 cash offer will remain our best and final proposal, whether under the Voluntary Offer or any subsequent processes, including but not limited to a Mandatory Offer that could occur after the Acceptance Period of the Voluntary Offer ending June 20, 2012, presuming we do not reach the 90% tendering level.”

He says Couche-Tard is confident its offer will be accepted by its deadline next week.

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