加拿大便利店运营商阿莱门塔翁库谢塔德公司（Alimentation Couche-Tard Inc.）对坎伯兰农场有限公司（Cumberland Farms Ltd.）提出了新的收购要约，据总部位于伦敦的《泰晤士报》报道，分析人士表示，这笔交易是合理的。
Canadian convenience store operator Alimentation Couche-Tard Inc. made a new bid to acquire Cumberland Farms Ltd., according to the London-based Times, and analysts say such a deal would make sense.
这家英国报纸周六报道，拥有Circle K等品牌的库谢塔德提出了一项要约，将坎伯兰农场的估值定在75亿至80亿美元之间。据知情人士透露，这家总部位于魁北克的公司已聘请加拿大皇家银行提供咨询，该人士要求不具名。
The British newspaper reported Saturday that Couche-Tard, owner of Circle K and other brands, made an offer that would value Cumberland Farms at between $7.5 billion and $8 billion. The Quebec-based company has hired Royal Bank of Canada for advice, according to a person familiar with the matter, speaking on condition they not be identified.
库谢塔德与坎伯兰农场多年来断断续续地进行过谈判。2022年，双方就一项交易交换了提案，该交易将坎伯兰农场（前身为EG集团）的估值定在约160亿美元（含债务），《华尔街日报》当时报道了此事。
Couche-Tard and Cumberland have held talks on and off for years. In 2022, the they exchanged proposals on a deal that would have valued Cumberland, formerly known as EG Group, at about $16 billion including debt, The Wall Street Journal reported back then.
坎伯兰农场由TDR Capital和亿万富翁兄弟莫辛·伊萨（Mohsin Issa）与祖贝尔·伊萨（Zuber Issa）拥有，该公司今年早些时候在纽约申请首次公开募股（IPO），寻求90亿美元的估值。该公司截至3月在美国和欧洲运营超过3200个站点，计划筹集约10亿美元以偿还债务。
Cumberland Farms, owned by TDR Capital and billionaire brothers Mohsin and Zuber Issa, filed for an initial public offering in New York earlier this year seeking a valuation of $9 billion. The company, which operated over 3,200 sites in the US and Europe as of March, aimed to raise about $1 billion to repay debt.
《金融时报》本月早些时候报道，由于包括Stonepeak Partners LLP在内的收购兴趣，IPO被推迟。
The Financial Times reported earlier this month that the IPO was delayed amid takeover interest, including from Stonepeak Partners LLP.
RBC资本市场分析师伊琳·纳特尔（Irene Nattel）在周日发布的一份报告中表示，以该价格收购坎伯兰农场“将符合库谢塔德在进行有纪律的、增厚收益的收购方面的目标，重点关注美国和欧洲市场”。
A deal at that price for Cumberland “would be consistent with Couche-Tard’s objective of making disciplined, accretive acquisitions” with a focus on the US and European markets, RBC Capital Markets analyst Irene Nattel said in a note published Sunday.
她写道，如果报价低于IPO估值，协同效应前的交易倍数将在约10倍调整后息税折旧摊销前利润（EBITDA）的范围内，并补充说，这将与库谢塔德2017年收购CST Brands时支付的倍数相似。
If the offer is below the IPO valuation, the pre-synergies transaction multiple would be in the range of about 10 times adjusted earnings before interest, taxes, depreciation, and amortization, she wrote, adding that it would be similar to the multiple Couche-Tard paid for CST Brands in 2017.
“我们认为这是一笔具有吸引力的交易，有潜力产生强大的协同效应，尤其是在美国市场，”加拿大国家银行分析师Vishal Shreedhar在研报中表示，并补充称，Cumberland潜在的更高非油业务占比“将有利于Couche-Tard，因为其利润率结构更高且波动性更小。”Couche-Tard在全球经营超过17,200家门店，于7月达成协议，以87亿美元收购波兰的Żabka Group SA。
“We view this as an attractive deal with the potential for strong synergies, particularly in the US,” National Bank of Canada analyst Vishal Shreedhar said in a note, adding that Cumberland’s potentially higher mix of non-fuel business would “be favorable to Couche-Tard, given higher and less-volatile margin structure.”Couche-Tard, which operates more than 17,200 stores globally, made a deal in July to acquire Poland’s Żabka Group SA for $8.7 billion.
Żabka高管及私募股权所有者（包括CVC Capital Partners和Partners Group）支持该要约。他们合计持有该零售商约57%的股份。剩余股东中将有多大比例应募出售股份，目前仍不清楚。
Żabka executives and private equity owners, including CVC Capital Partners and Partners Group, are backing the offer. Together, they hold around 57% of the retailer’s shares. It’s still not clear what proportion of the remaining shareholders will tender their shares.