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Article: CIRCLE K ANNOUNCES MERGER WITH TOSCO.
- Article from:
- Business Wire
- Article date:
- February 16, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PHOENIX, Ariz.--(BUSINESS WIRE)--Feb. 16, 1996--The Circle K Corporation (NYSE:CRK) today announced that it has entered into a definitive merger agreement with Tosco Corporation (NYSE:TOS). Tosco will acquire 100% of the equity of Circle K for a combination of cash and Tosco common stock.
Under the agreement, common stock held by the Circle K public shareholders will be exchanged for Tosco common stock at a value between $28.29 and $31.48 per Circle K share. Based on Tosco's current stock price of $43.50, the public shareholders would receive Tosco shares valued at $30.55. The value of the shares issued to the public shareholders would increase to $31.48 for Tosco ...