Couche-Tard proposes up to $8 billion offer for Cumberland Farms, The Times reports
Couche-Tard proposes up to $8 billion offer for Cumberland Farms, The Times reports Oct 24 (Reuters) - Canada's Alimentation Couche-Tard ATD.TO proposed an offer of $7.5 billion to $8 billion for US convenience store operator Cumberland Farms, formerly known as EG Group, Britain's Times newspaper reported on Saturday.
The offer would be lower than Cumberland Farms' $9 billion valuation target for a planned US IPO, the report said
Couche-Tard and Cumberland Farms did not immediately respond to Reuters' requests for a comment
Cumberland Farms remained committed to a US listing, the report said, citing people close to the company
The report also said Cumberland Farms had delayed its planned IPO after receiving takeover interest, including from infrastructure investor Stonepeak
A float is unlikely to take place before 2027 for Cumberland, the Financial Times reported earlier this month, citing people, although the company has not publicly given a timeline
Private equity firm TDR Capital owns 50% of Cumberland Farms, while British billionaire entrepreneurs, the Issa brothers, each hold 25%, the Times report said
Cumberland Farms operates more than 3,200 convenience stores and fuel stations across the US and Europe
(Reporting by Angela Christy in Bengaluru; editing by Barbara Lewis)
((AngelaChristy.M@thomsonreuters.com))
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