CST Brands Rises on Report of Bids by Couche-Tard, Seven & Iby
CST Brands Inc. rose the most in more than three years after Reuters reported that Canada’s Alimentation Couche-Tard Inc. and Japan’s Seven & I Holdings Co. have submitted bids for the U.S. convenience-store chain.
Other bidders include a group of private equity firms led by Blackstone Group and Apollo Global management, the news service said, citing people it didn’t name. CST will seek another round of offers before deciding whether to sell, Reuters said.
CST, based in San Antonio, Texas, said in March that it would explore strategic alternatives. The retailer is using Bank of America Corp. and JPMorgan Chase & Co. as advisers.
CST shares climbed as much as 17 percent to $44.60 in New York, the biggest intraday gain since its initial public offering April 2013. Before the climb, the shares had fallen 2.9 percent this year through Wednesday.