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Couche-Tard ups Caltex bid to $8.8bn

Gus McCubbing
Caltex Australia has received an improved proposal from Alimentation Couche-Tard

Caltex Australia stocks jumped more than three per cent in early trade after it received a improved $8.8 billion buyout proposal from Alimentation Couche-Tard to acquire all its shares at an indicative price of $35.25.

The Canadian multi-national previously offered to acquire all shares in Caltex Australia at an indicative cash price of $32 and $34.5 per share, but these bids were both rejected.

Couche-Tard has indicated that its revised price - up 2.0 per cent from the most recent offer - is its best and final price in the absence of a competing proposal.

The $35.25 per share bid is just over 10 per cent the company's first offer in October.

The revised non-binding proposal permits Caltex to pay a special dividend to shareholders.

Couche-Tard chief executive Brian Hannasch told AAP on Thursday the company was a "disciplined investor" and an experienced operator across multiple markets.

"We have shown our capacity to successfully enter new markets, learn from our acquisitions and create value for our shareholders, but we will always be guided by shareholder returns in our decision-making," he said.

Caltex Australia shares rose 2.58 per cent to $33.78 by 1445 AEST on Thursday, having been as high as $34.57 in early trade.