Pantry, Couche-Tard Merger Set to Close March 16
$1.7-billion deal moves ahead as HSR Act waiting period expires
CARY, N.C. -- The Pantry Inc. has announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as it applies to the proposed merger between The Pantry and a U.S. subsidiary of Alimentation Couche-Tard Inc.
The companies said that they expect to close the $1.7-billion deal on March 16, 2015, or as soon as possible thereafter. They announced the deal with Couche-Tard U.S. Inc. and CT-US Acquisition Corp. on Dec. 18, 2014, with The Pantry surviving as a wholly owned subsidiary of Couche-Tard.
The expiration of the HSR Act waiting period satisfies the condition to the completion of the proposed acquisition relating to the expiration or termination of any applicable waiting period under the HSR Act.
On March 10, The Pantry stockholders overwhelming approved the merger and related executive compensation.
Based in Cary, N.C., The Pantry is a leading independently operated convenience-store chain in the southeastern United States and one of the largest independently operated convenience-store chains in the country. As of Jan. 29, 2015, the company operated 1,509 c-stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.
Laval, Quebec-based Couche-Tard operates a network of more than 6,300 convenience stores throughout North America, including approximately 4,850 stores with 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.