Couche-Tard buying back 6.35M shares from founder Bouchard
BNN Bloomberg
Alimentation Couche-Tard Inc. said it’s buying back millions of company shares from a corporation controlled by its founder and executive chairman, Alain Bouchard.
Alimentation Couche-Tard Inc. said it’s buying back millions of company shares from a corporation controlled by its founder and executive chairman, Alain Bouchard.
The convenience store giant announced in a release Friday it’s repurchasing 6.35 million Class B shares from Développements Orano Inc. for $47.23 apiece, for a total of approximately $300 million.
That price represents a two per cent discount from Couche-Tard’s closing price Thursday on the Toronto Stock Exchange.
“Over the last four decades, Couche-Tard has become a world leader in convenience and mobility,” said Bouchard in the release.
“I am more confident than ever before that our size, our winning culture and strategy, and the structures that we have put in place, both at the leadership level and from a governance standpoint, will serve the business well as we grow into an even stronger, more innovative company.”
Couche-Tard said the transaction was reviewed and recommended by a special committee comprised of its independent directors, with input from external legal and financial advisers.
