Circle K wants to buy all shares of Żabka for PLN 32 each

Canadian convenience-store operator Alimentation Couche-Tard plans to acquire 100% of Żabka Group for PLN 32 per share, valuing the Polish retailer at PLN 32.62 bln. The offer represents a 9% premium to Żabka’s July 30 closing price, although some analysts believe investors could reasonably expect more. Major shareholders and senior managers, holding 57% of the company, have agreed to sell. The tender offer is expected to begin around August 26, with completion planned by December, subject to regulatory approvals. Żabka will continue operating independently under its existing brand.

Couche-Tard expects the deal to create about USD 250 mln in cost and revenue synergies and support Żabka’s international expansion.

(pb.pl)