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CST Brands Inc (NYSE:CST) Investor Lawsuit Against Acquisition By Couche-Tard Inc Filed

  • If you purchased shares of CST Brands Inc (NYSE:CST), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
CST Brands Inc
Security
NYSE: CST

Case Name
CST Brands Deal Case 10/04/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

October 4, 2016 (Shareholders Foundation) - An investor who currently holds shares of CST Brands Inc (NYSE:CST), filed a lawsuit in effort to halt the proposed takeover of CST Brands Inc. by Couche-Tard Inc for $48.53 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:CST stockholders by agreeing to sell CST Brands Inc. too cheaply via an unfair process to Couche-Tard Inc.

On August 22, 2016, Couche-Tard Inc. (TSX: ATD.A ATD.B), (“Couche-Tard”) announces a merger agreement with CST Brands Inc (NYSE:CST) under which Couche-Tard would acquire CST Brands Inc (NYSE:CST) in an all-cash transaction for US $48.53 per share, with a total enterprise value of approximately US $4.4 billion including net debt assumed.

However, plaintiff claims that the proposed consideration NYSE:CST shareholders will receive is grossly inadequate and undervalues CST Brands Inc. In addition, the plaintiff alleges that the process is also unfair to CST Brands Inc stockholder.