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ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 5,477,451 CLASS A MULTIPLE VOTING SHARES
ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 5,477,451 CLASS A MULTIPLE VOT...
About this update from Alimentation Couche-tard Inc.
[{"type":"text","content":"\n \n \n \n ALIMENTATION COUCHE-TARD ANNOUNCES AGREEMENT TO REPURCHASE 5,477,451 CLASS A MULTIPLE VOTING 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 LAVAL, QC\n \n \n ,\n \n \n April 5, 2022\n \n \n /CNW Telbec/ - Alimentation Couche-Tard Inc. (\"Couche-Tard\" or the \"Company\") (TSX: ATD) today announced 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 5,477,451 Class A multiple voting shares of Couche-Tard (\"Class A shares\") held by CDPQ at a price of CAD\n \n $54.77\n \n per Class A share, for a total consideration of approximately CAD\n \n $300 million\n \n . The repurchase price represents a discount of 3% on the closing price of the Class A shares on the Toronto Stock Exchange (\"TSX\") on\n \n April 4, 2022\n \n and will be paid using Couche‑Tard's cash on hand.\n \n \n \n \n \n \n \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 52.3 million Class A shares, representing approximately 5% of Couche-Tard's total shares outstanding.\n \n \n \"This transaction is consistent with our capital structure optimization objectives and represents a unique opportunity to create value for our shareholders. With a solid balance sheet and a low leverage ratio, we are well positioned to take advantage of this opportunity to repurchase our shares at an attractive price using excess cash on-hand,\" said\n \n Claude Tessier\n \n , Chief Financial Officer.\n \n \n \"Driven by its operational rigour and discipline, Alimentation Couche-Tard has created a lot of value for our depositors over time. As a long-standing Couche-Tard partner, we plan to uphold our commitment to this leader in the convenience sector. Furthermore, following this transaction, CDPQ will retain a significant stake in the Company,\" said Kim Thomassin, Executive Vice‑President and Head of Québec at C...