Rising Fuel Prices Result In Lower Earnings Estimates For CST Brands
Tristan R. Brown
Tristan R. Brown
The End Of The Powerball Run Doesn't Hurt The Outlook For CST Brands
Tristan R. Brown
Tristan R. Brown
Mon, Aug. 22, 7:09 AM
- CST Brands, Inc. (NYSE:CST) announces it accepted a buyout offer from Alimentation Couche-Tard Inc. (OTCPK:ANCUF) at $48.53 per share.
- The deal represents a total enterprise value of approximately $4.4B, including the assumption of debt.
- “After the Board’s comprehensive review of strategic alternatives to enhance stockholder value, we are pleased to reach this agreement with Couche-Tard, which we expect to provide immediate and compelling value to our stockholders,” said CST CEO Kim Lubel.
- After the deal closes, Circle K will establish a new business unit in San Antonio.
- Couche-Tard expects to finance the transaction with available cash, its existing credit facilities, and a new term loan.
- The transaction is currently expected in the early part of 2017, subject to the approval of CST's stockholders and regulatory approvals in the U.S. and Canada.
- Source: Press Release
Tue, Aug. 16, 3:48 PM
- Alimentation Couche-Tard (OTCPK:ANCUF) confirms it's in talks with a third party over an acquisition.
- The development follows very closely on yesterday's Wall Street Journal report indicating that the company has serious interest in CST Brands (CST +6.7%).
- Buzz over a deal helped push CST to an all-time high of $48.31.
- Previously: WSJ: Couche-Tard near deal to buy CST Brands (Aug. 15)
Mon, Aug. 15, 10:13 PM
- Circle K owner Alimentation Couche-Tard (OTCPK:ANCUF) is nearing a deal to buy fuel and convenience store chain CST Brands (NYSE:CST), with an announcement possible as soon as this week, WSJ reports.
- The price of the acquisition is not clear, but CST has a market value of ~$3.4B and is the second largest publicly traded fuel and convenience retailer in North America.
- Earlier this year, CST said it had hired bankers to explore strategic options amid pressure from activist shareholders.
Tue, Jun. 7, 1:27 PM
- CST Brands (CST +1.5%) is reviewing takeover offers, according to CTFN.
- "Things are still in the round one phase, but the intent for a sale is definitely out there," said Sikich Investment Banking partner-in-charge Chris Geier.
- Geier thinks CST will bite if a buyer comes in with a firm $50 bid.
- The list of potential buyers includes Couche-Tard, 7-11, Marathon Petroleum/Speedway, OXXO Mexico, and ETP/Sunoco.
- Shares of CST already factor in a takeover premium after rallying 18% over the last five sessions.
Tue, Apr. 19, 3:21 PM
- CST Brands (CST +0.5%) isn't actively seeking a buyer, according to CTFN.
- Analysts think the company will show patience as it evaluates options, especially with activist investors watching closely.
- Two companies identified as potential bidders down the road are Couche-Tard (OTCPK:ANCUF, OTC:ANCTF) and Sunoco.
- Now read Couche-Tard Rolling In The Dough
Dec. 10, 2015, 6:16 PM
- Marathon Petroleum's (NYSE:MPC) Speedway, Sunoco (NYSE:SUN) and Alimentation Couche-Tard (OTCPK:ANCUF) are among various groups interested in a potential acquisition of convenience store operator CST Brands (NYSE:CST), according to TheStreet.com.
- The report comes a day after Engine Capital sent a letter to CST's board requesting action to improve the company's business operations or launch a review of strategic alternatives, including the exploration of a sale.
Nov. 25, 2015, 8:20 AM
- CST Brands (NYSE:CST) announces it acquired the Flash Floods store chain from Jones Company and affiliates for $425M.
- The deal will add 164 Flash Foods convenience stores in Florida and Georgia to CST's stable.
- The transaction is expected to close in Q1 of 2016.
Dec. 10, 2014, 5:58 PM
- CrossAmerica Partners (NYSE:CAPL) agrees to acquire Erickson Oil Products, operator of 64 convenience stores and gasoline stations located in Minnesota and some surrounding states, for $85M.
- For the year ending Oct. 31, the stores sold ~68M gallons of motor fuel and totaled ~$95M in non-fuel revenue.
- CAPL initially intends to operate the convenience stores within the partnership and expects to transfer the operation of certain sites over time to its CST Brands (NYSE:CST) parent.
Aug. 6, 2014, 6:55 PM
- CST Brands (NYSE:CST) agrees to acquire the membership interests of Lehigh Gas GP, the general partner of Lehigh Gas Partners (NYSE:LGP), for cash and stock valued at ~$85M.
- CST, a retailer of motor fuels and convenience merchandise, expects the deal will provide access to capital through a growth-oriented MLP vehicle to execute its long-term strategic plan.
- The deal does not involve any of the common or subordinated units of LGP, which will continue to operate as a separate, publicly-traded MLP.
- Also, CST's board authorizes the repurchase of $200M of company shares.
- CST +14.8%, LGP +11.6% AH.