Alimentation Couche-Tard announces its intention to repurchase 4.4 million of its shares held by Metro

Alimentation Couche-Tard Inc. (“Couche-Tard”) (TSX: ATD.A / ATD.B) announced today that it has reached an agreement with a subsidiary of Metro Inc. (“Metro”) (TSX: MRU) to repurchase, for cancellation, 4,372,923 Class B subordinate voting shares in Couche-Tard (“subordinate shares”) held by Metro after converting the same number of Class A multiple voting shares (“Class A shares”), for a total repurchase price of approximately C$250 million.

The repurchase price was set at $57.17 per Class A share and represents a discount of 3% for subordinate shares on the Toronto Stock Exchange (“TSX”). In addition, Metro will pay a 1% commission fee.

In a separate transaction, 11,369,599 Class A shares held by Metro will be acquired by Caisse de dépôt et placement du Québec.

Finally, 11,369,599 Class A shares held by Metro will also be converted to subordinate shares and sold through a syndicate of brokers.

shares sold by Metro pursuant to these transactions represent approximately 85% of the 32 million shares it was holding before the transaction. After the transaction Metro will still own 5,114,923 million shares of Couche-Tard.

The repurchase will be paid using Couche-Tard’s available cash and existing revolving credit facilities as well as the proceeds from the future sale of non-strategic assets, which will align with the previously announced debt reduction plan.

This transaction was approved today by the members of Couche-Tard’s Board of Directors, who concluded that the share repurchase represents a wise use of its cash, one that is in the best interest of Couche-Tard and its shareholders.

The share repurchase remains conditional upon a decision by the Autorité des marchés financiers (“AMF”) to grant the usual exemption from issuer bid requirements under the securities legislation applicable to the transaction. The share repurchase is expected to be settled in the days following the AMF’s decision.

Couche-Tard will issue no other press release in relation to the share repurchase and, as the AMF decision is pending, will make no further comments on the transaction.

Forward-Looking Statements

The statements set forth in this press release, which describe Couche-Tard’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as “will”, “plan”, “evaluate”, “estimate”, “believe”, “expect” and other related expressions are used to identify such statements. Without limiting the generality of the foregoing, statements regarding the issuance of the AMF decision and the settlement of the share repurchase constitute forward-looking statements. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche-Tard’s actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in documents filed by Couche-Tard with securities regulatory authorities in Canada. In addition, there can be no assurance that Couche-Tard will be able to obtain a favorable decision from the AMF in respect of the share purchase in a timely manner. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this press release is based on information available as of the date of the release.