Merger remains subject to closing conditions and regulatory approvals.
The merger between CST Brands and a U.S. subsidiary of Alimentation Couche-Tard Inc. was given a green light to move forward now that CST Brands’ stockholders have approved the previously-announced merger at its special meeting of stockholders.
Based on the tabulation of the stockholder vote, approximately 84% of the total shares outstanding as of the Oct. 7, 2016 record date voted at the special meeting, and approximately 99.7% of the shares voted were voted in favor of the merger agreement at the special meeting
Under the terms of the merger agreement, CST stockholders will receive $48.53 in cash per share, without interest, as a result of the closing of the transaction. The transaction remains subject to customary closing conditions, including the receipt of necessary governmental and regulatory approvals.
CST stockholders also approved, on an advisory (non-binding) basis, the compensation that may be paid or become payable to CST’s named executive officers in connection with the merger.