April 20 (Reuters) - Takeover target Caltex Australia Ltd CTX.AX on Monday said Canada's Alimentation Couche-Tard ATDb.TO has decided not to proceed with a takeover bid for the company due to economic uncertainties posed by the coronavirus pandemic.
The convenience store, petrol station and refinery company said in a statement that Couche-Tard may re-engage with Caltex once there is sufficient clarity in the global outlook.
Couche-Tard raised its offer to A$8.8 billion ($5.6 billion) in mid-February, while privately-owned UK convenience store retailer EG Group made a rival offer of A$3.9 billion in cash for Caltex's convenience stores plus shares in a spin-off company made up of its refining and fuel distribution assets. = 1.5748 Australian dollars)