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Thursday, December 18, 2014

Canada's Couche-Tard to purchase Pantry for $861 million to expand in U.S., (NASDAQ: PTRY)

Canadian convenience store operator Alimentation Couche-Tard Inc will purchase smaller U.S. rival Pantry Inc for about $861 million to boost its presence in the southeastern and Gulf Coast regions of the United States.Pantry, which operates the Kangaroo Express chain of stores, has about 1,518 outlets across the United States. More than half of these stores are in the southeastern region.Couche-Tard had a network of about 6,300 stores in North America as of Oct. 12. The company operates most of its U.S. stores under the Circle K banner.Couche-Tard has offered $36.75 per share for Pantry, which represents a premium of 3.5 percent to the stock's Wednesday close. Including debt, the deal is valued at $1.7 billion.

The Pantry, Inc. (Pantry) is an independently operated convenience store chain in the southeastern United States. Shares of PTRY traded higher by 23.08% or $6.66/share to $35.52. In the past year, the shares have traded as low as $12.30 and as high as $36.71. On average, 239722 shares of PTRY exchange hands on a given day and today's volume is recorded at 2113430.