Retailer Couche-Tard is buying back millions of company shares from a corporation controlled by its founder and executive chairman Alain Bouchard.
The Canadian convenience store operator announced in a news release that it’s repurchasing 6.35 million Class B shares from Développements Orano for $47.23 each, a total of approximately $300 million.
That price represents a 2% discount from Couche-Tard’s current share price on the Toronto Stock Exchange.
Couche-Tard said the transaction was reviewed and recommended by a special committee comprised of its independent directors, with input from external legal and financial advisers.
The deal sees Bouchard’s voting stake reduced to 35.1% from 35.3%. Couche-Tard noted in its news release that Bouchard has indicated he has no intent of selling additional shares at this time.
