Gabelli Downgrades CST Brands (CST) to Hold

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Go back to Gabelli Downgrades CST Brands (CST) to Hold

CST Brands (CST) Enters $4.4B Merger Agreement with Alimentation Couche-Tard

August 22, 2016 7:00 AM EDT

CST Brands, Inc. (NYSE: CST) announced that its Board of Directors has unanimously approved a definitive merger agreement with Alimentation Couche-Tard Inc., under which Couche-Tard will acquire all of the shares of CST for $48.53 per share in cash, representing a total enterprise value of approximately $4.4 billion, including the assumption of net debt.

The transaction value represents a premium of approximately 42 percent to CSTs closing stock price on March 3, 2016, the last date prior to CST announcing that its Board commenced an exploration of strategic alternatives to further enhance stockholder value. The transaction... More