Alimentation Couche-Tard has an agreement in principle with a U.S. competition watchdog to sell 25 convenience store and gas stations in the Midwest should it be successful in acquiring Casey’s General Stores.

The Montreal-area operator said yesterday it has reached an agreement with staff of the U.S.

Federal Trade Commission, subject to final approval by FTC commissioners and assuming the Canadian company succeeds in its hostile takeover of the Iowa-based retailer.

The locations would be sold within an undisclosed time period following the closing of acquisition, which currently is valued at $2 billion US, but faces staunch opposition from the Casey’s board, which has said the price is too low.

The agreement with the competition agency may be moot since Casey’s has rejected Couche-Tard’s $38.50 US per share offer and opted instead to negotiate with a mystery suitor that has offered $40 US.

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