Pantry Shareholders Approve Couche-Tard Merger
CARY, N.C. — Shareholders of The Pantry Inc. Tuesday approved its pending merger with a U.S. subsidiary of Alimentation Couche-Tard Inc. The approval was announced during a special meeting of shareholders at the Springhill Inn & Suites in Cary.
Based on tabulation of the stockholder vote, approximately 99 percent of the total votes cast, which represents 84 percent of the total shares of The Pantry outstanding as of Feb. 3 — the record date of the special meeting — voted in favor of the merger.
Under terms of the merger agreement, The Pantry's shareholders will receive $36.75 per share. The deal still remains subject to customary closing conditions, including the receipt of necessary governmental and regulatory approvals.
Once final approvals are received, The Pantry's stock will cease trading on the NASDAQ National Market.
As part of the vote, The Pantry's shareholders also approved on an advisory, non-binding basis, that compensation may become payable to The Pantry's named executive officers in connection with the merger. According to the Triangle Business Journal, this compensation package totals $20 million in golden parahute provisions, including $8.9 million for The Pantry CEO Dennis Hatchell.
The Pantry operated 1,509 stores as of Jan. 29, operating in 13 states under select banners, including Kangaroo Express, its primary operating banner.
Laval, Quebec-based Alimentation Couche-Tard is the parent of Circle K stores in the United States.