LAVAL, Que. — Alimentation Couche-Tard Inc. is dropping its pursuit of Caltex Australia Ltd. due to the COVID-19 crisis.
The company had been working on a revised takeover bid after an earlier offer was rebuffed.
Couche-Tard says given the uncertainty and the impact of the pandemic on its outlook for Caltex's business, it is not in a position to make a revised proposal for the company.
However, it says it remains interested and plans to re-engage once there is more clarity in the global outlook.
Couche-Tard says its due diligence for a transaction has been substantially completed and that the work confirms that Caltex is a strong strategic fit.
Caltex operates approximately 2,000 service stations.
This report by The Canadian Press was first published April 20, 2020.
Companies in this story: (TSX:ATD.B, TSX:ATD.A)
The Canadian Press