CST Brands (CST) Receives Shareholder Approval of Alimentation Couche-Tard Merger
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CST Brands, Inc. (NYSE: CST) announced that its stockholders approved the previously announced merger agreement with a U.S. subsidiary of Alimentation Couche-Tard Inc. at its special meeting of stockholders held today.
Based on the tabulation of the stockholder vote, approximately 84% of the total shares outstanding as of the October 7, 2016 record date voted at the special meeting, and approximately 84% of the total shares outstanding as of the October 7, 2016 record date were voted in favor of the merger agreement at the special meeting.
Under the terms of the merger agreement, CST stockholders will receive $48.53 in cash per share, without interest, as a result of the closing of the transaction. The transaction remains subject to customary closing conditions, including the receipt of necessary governmental and regulatory approvals.
CST stockholders also approved, on an advisory (non-binding) basis, the compensation that may be paid or become payable to CST’s named executive officers in connection with the merger.
BofA Merrill Lynch is serving as lead financial advisor and J.P. Morgan Chase is also serving as financial advisor to CST. Wachtell, Lipton, Rosen & Katz and Stikeman Elliott are acting as legal advisors to CST.
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