Expectations are that no other rival bid will emerge for Caltex, potentially making the company Alimentation Couche-Tard’s for the taking after it lobbed a $8.8bn offer.
Couche-Tard executives arrived in Australia from Canada on Monday to examine their target, as Caltex announced to the market it had rejected a rival $3.9bn bid for part of the business from EG Group, but would allow the company due diligence.
The offer is considered to be inferior to the bid made by Couche-Tard, but analysts say it was one designed, more than anything, to attract another party to come forward for the remaining part of the business that EG was not vying for.
DataRoom understands that Macquarie Group had been considering a bid for all of Caltex, with the Australian-listed financial group strongly attracted to its real estate assets.
EG Group had offered $3.9bn in cash for the Caltex Australian convenience store business.
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