Couche-Tard Plans Tender Offer for All of Żabka at PLN 32/Share
Alimentation Couche-Tard intends to launch a tender offer for 100 percent of Żabka Group’s shares at PLN 32 each, through its Polish subsidiary Circle K Polska, according to a notice from Ipopema Securities reported by Bankier.pl (citing PAP Biznes).
Żabka’s two largest shareholders — CVC’s Heket Topco (37.6 percent) and Partners Group’s PG Investment Company (10.0 percent) — have committed to sell their stakes.
Seven senior managers, including current CEO Tomasz Suchański and incoming CEO Tomasz Blicharski, also committed to sell their combined 9.6 percent stake, with several agreeing to reinvest part of the proceeds into Couche-Tard shares.
In total, commitments cover 57.2 percent of Żabka’s shares and voting rights.
The offer represents roughly a 9 percent premium to Thursday’s close of PLN 29.26.
The announcement comes six days after Seven & i Holdings walked away from its own investment talks, and just one day after Żabka’s H1 2026 earnings.
