Canada's largest operator of convenience stores is disappointed by the response it has received to a proposed expansion into northern Europe.
Alimentation Couche-Tard Inc. (TSX:ATD.B) says minority shareholders of Statoil Fuel & Retail have been slow to tender their stock to its friendly takeover offer.
The US$2.68-billion offer has the support of Statoil ASA, the oil company that owns 54 per cent of the Scandinavian convenience store operator. But Couche-Tard requires acceptance by 90 per cent of Statoil Fuel's shareholders.
It says that due to disappointing response from minority shareholders, the deadline for acceptance has been extended to May 29.
The Montreal-area company says the offer is fair and that there is no other potential buyer showing interest in Statoil Fuel & Retail.
Couche-Tard owns the Couche-Tard and Mac's stores in Canada and the Circle K stores in the United States.