On selling CST Brands
Lubel suggested CST Brands was rushed into a sale by activist shareholders and seemed optimistic Corner Store retail initiatives were on the right track.
“When we came out of our second anniversary, we were continuing to grow, continuing to implement our programs, but [it was] about a three-year payout for the programs we put in place,” Lubel said. “And in today’s public markets, shareholders are looking for quarter-by-quarter, short term kind of focus.”
She said it was two activist shareholders that “led to our board looking at all the options and to at least run a strategic review and test the market for the value of the company.”
Laval, Quebec-based Couche-Tard announced in August its intention to acquire CST Brands for approximately $4.43 billion in an all-cash transaction representing $48.53 per share.