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ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 10,820,837 COMMON SHARES
ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 10,820,837 COMMON SHARES Can...
About this update from Alimentation Couche-tard Inc.
[{"type":"text","content":"\n \n \n \n ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 10,820,837 COMMON SHARES\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n \n LAVAL, QC\n \n \n ,\n \n \n July 31, 2023\n \n \n /CNW/ - Alimentation Couche-Tard Inc. (\"Couche-Tard\" or the \"Corporation\") (TSX: ATD) announced today that it entered into a private agreement with\n \n Caisse de dépôt et placement du Québec\n \n (\"CDPQ\"), for the repurchase for cancellation of 10,820,837 common shares of Couche-Tard held by CDPQ at a price of CAD\n \n $64.69\n \n per share, for a total consideration of approximately CAD\n \n $700 million\n \n . The repurchase price represents a discount of 3% to the closing price of the shares on the Toronto Stock Exchange (\"TSX\") on\n \n July 28, 2023\n \n , and will be paid using Couche-Tard's cash on hand as well as proceeds raised through its US Commercial Paper Program.\n \n \n The repurchase will be made in connection with the periodic portfolio rebalancing of CDPQ. Once the repurchase is completed, CDPQ will hold approximately 41.5 million shares, representing approximately 4.3% of Couche-Tard's total shares outstanding.\n \n \n \"This transaction is consistent with our opportunistic approach in regard to our share repurchase program and broader capital allocation priorities and represents a distinct opportunity to create shareholder value. Our healthy balance sheet and strong financial position, highlighted by our low leverage ratio, allows us to be well-positioned for opportunities like this to deploy excess cash on-hand and take advantage of attractive financing rates through our US Commercial Paper Program\" said\n \n Filipe Da Silva\n \n , Chief Financial Officer.\n \n \n \"Once again this year, Alimentation Couche-Tard has outperformed for its shareholders. CDPQ is a long-standing investor, and we plan to maintain our commitment as the company continues to grow, for the benefit of our depositors,\" said\n \n Kim Thomassin\n \n , Executive Vice-President and Head of ...