NEW YORK, Oct. 05, 2016 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against CST Brands, Inc. (“CST” or the “Company”) (NYSE:CST) in the United States District Court for the Western District of Texas on behalf of current stockholders of CST, seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that on August 22, 2016, CST issued a press release announcing that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) to sell CST to Couche-Tard, Inc. (“Couche-Tard”). Under the terms of the Merger Agreement, Couche-Tard will acquire all outstanding shares of CST for $48.53 in cash per CST common share (the “Merger Consideration”). Couche-Tard will also, through its acquisition of CST, acquire CST’s interest in CrossAmerica Partners LP (“CrossAmerica” or “CAPL”), a leading wholesale fuels distributor and owner and lessor of real estate used in the retail distribution of motor fuels, and associated Incentive Distribution Rights (“IDRs”).
The Complaint alleges that the transaction is the result of an unfair process and provides the Company’s shareholders with inadequate consideration. Further, the Complaint alleges that both the value to CST shareholders contemplated in the transaction and the process by which Defendants propose to consummate the transaction are fundamentally unfair to public shareholders of the Company.
If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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