Zabka jumps as Circle K owner swoops in with takeover bid

Zabka SA

31/07/2026 08:27

** Zabka ZAB.WA shares jump as much as 12% after Circle K owner Alimentation Couche-Tard ATD.TO said it intends to launch a tender offer for 100% of the Polish convenience retailer, valuing it at around $8.7 billion 
** The voluntary tender offer prices Zabka's outstanding shares at 32 zlotys each, with a premium of about 9.4% 
** Trigon analyst Grzegorz Kujawski says the proposed share price does not reflect a significant takeover premium or potential synergies
** Canadian retailer says its offer is supported by investors representing about 57% of Zabka's share capital, including CVC Capital CVC.AS and Partners Group 
** Couche-Tard's bid comes just days after Japanese retailer Seven & i Holdings decided to withdraw from its planned double-digit investment in Zabka, sending the retailer's shares 12.9% lower from its previous all-time high 
** Zabka reported its Q2 results on Thursday, with analysts at ERSTE describing them as broadly in line with expectations
** Including today's rise the stock has gained 41% YTD
     
       

(Reporting by Emmanuelle Serres)
((emmanuelle.serres@thomsonreuters.com))