CARY, N.C. --The Pantry Inc. has announced that it has scheduled a special meeting of The Pantry stockholders for March 10, 2015, in Cary, N.C., to consider and vote on the previously announced proposed merger with a U.S. subsidiary of Alimentation Couche-Tard Inc.
Laval, Quebec-based Couche-Tard announced in mid-December 2014 that it would acquire Cary-based The Pantry in an all-cash transaction valued at $36.75 per share, with a total enterprise value of approximately $1.7 billion including debt. The Pantry entered into a merger agreement with Couche-Tard U.S. Inc. and CT-US Acquisition Corp., with The Pantry surviving as a wholly owned subsidiary of Couche-Tard.
The Pantry stockholders of record as of the close of business on Feb. 3, 2015, will be mailed the proxy statement in connection with the proposed merger and will be entitled to vote at the special meeting.
The parties said that they currently expect to complete the proposed merger promptly following approval by The Pantry stockholders, subject to the satisfaction of the other conditions set forth in the merger agreement, including, without limitation, the receipt of necessary governmental or regulatory approvals.
As of Oct. 12, 2014, Couche-Tard's network comprised 6,303 convenience stores throughout North America, including 4,851 stores with road transportation fuel dispensing. Its North-American network consists of 13 business units, including nine in the United States (under the Circle K brand) 40 states and four in Canada (under the Mac's and Couche-Tard brands) covering all 10 provinces.
As of Jan. 29, 2015, The Pantry, based in Cary, N.C., operated 1,509 stores in 13 states-- mostly in Florida, North Carolina and South Carolina, but also in Georgia, Alabama, Tennessee, Mississippi, Virginia, Kansas, Kentucky, Louisiana, Indiana and Missouri--under select banners, including Kangaroo Express, its primary operating banner.
The stores offer a broad selection of merchandise, fuel, car care products and services, tobacco products, beer, soft drinks, self-service fast food and beverages, publications, dairy products, groceries, health and beauty aids, money orders and other products and services. It offers lottery in all states except Alabama and Mississippi. As of Dec. 25, 2014, it operated 233 quick-service restaurants (QSR) and 231 car washes. It sells self-service fuel at 1,502 locations, of which 1,031 sell fuel under major oil company brands including BP, CITGO, ConocoPhillips, ExxonMobil, Marathon, Shell and Valero.
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