CST's shareholders approve Couche-Tard merger
CST Brands, Inc.'s stockholders have approved the merger agreement with one of the Alimentation Couche-Tard Inc.'s wholly owned U.S. subsidiaries.
Approximately 99.7% of shareholders who voted did so in favour of the merger agreement at the special meeting in November – CST stockholders will receive $48.53 in cash per share.
Canadian convenience store giant Alimentation Couche-Tard agreed to buy Texas-based convenience store and fuel retailer CST Brands for approximately $4.4 billion in August 2016.
The transaction remains subject to the standard regulatory approvals and closing conditions. It is expected to close in early calendar year 2017.
As of July 17, 2016, Couche-Tard's network comprised 7,863 convenience stores throughout North America, including 6,474 stores with road transportation fuel dispensing.
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