Couche-Tard starts US$8.7 billion takeover bid for Poland’s Zabka

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeNewsRetail & MarketingCouche-Tard starts US$8.7 billion takeover bid for Poland’s ZabkaThe deal is the second-largest retail M&A transaction this yearAuthor of the article:Last updated 23 minutes ago A Couche-tard sign is seen in Montreal, Quebec on Jan. 13, 2021. Photo by ERIC THOMAS/AFP via Getty ImagesAlimentation Couche-Tard Inc. announced a takeover bid for Poland’s biggest convenience store chain Zabka Group SA, officially launching the retail industry’s second-biggest acquisition this year.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCouche-Tard offered 32 zloty per Zabka share, confirming its initial announcement, which values the Polish company at US$8.7 billion. The deal is the second-largest retail M&A transaction this year, trailing only GameStop Corp.’s contested US$56 billion bid for online marketplace eBay Inc., according to data compiled by Bloomberg. It also marks the largest-ever buyout of a Warsaw-listed company.Couche-Tard chief executive Alex Miller said last month that he expected pressure from Zabka shareholders to raise the bid, but remained confident about getting the deal done. The stock added 0.7 per cent to 31.5 zloty at 10:21 a.m. in Warsaw.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againSome analysts, including mBank SA’s Janusz Pieta, have previously argued that the Couche-Tard offer doesn’t fully reflect Zabka’s long-term potential.European expansionThe Quebec-based retailer, which already operates about 400 Circle K fuel stations across Poland, reiterated on Wednesday that it aims to acquire all Zabka shares and delist the company from the Warsaw Stock Exchange. It also plans to maintain Zabka’s workforce and external debt structure.The takeover of Zabka, which translates to “little frog” in Polish, is Couche-Tard’s biggest acquisition and one that will help it expand its footprint in Europe. The tender offer reflects Couche-Tard’s “planned long-term investment” in Zabka, which runs over 13,000 stores, and is “consistent” with its broader European market strategy, the company said.The subscription period to sell Zabka shares opens on Aug. 27 and run through Sept. 25, with the share purchase transaction expected to settle on Sept. 30. CVC Capital Partners and Partners Group, Zabka’s biggest shareholders, have separately agreed to tender all of their shares into the offer.With assistance from Konrad KrasuskiThis advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.