As per SMH article Fuel retailer Caltex is planning a $500 million capital raising and has offloaded 25 petrol stations for $136 million as it navigates an $8.6 billion takeover bid from a Canadian suitor.

Caltex rebuffed suitor Quebec-based Alimentation Couche-Tard’s $34.50-a-share offer on Tuesday, saying it “undervalued” the company.

At the same time, it offered Couche-Tard, which is French for ‘night owl’, access to non-public information to allow it to submit a revised bid, but is yet to hear back from the Canadian giant which operates 16,000 convenience stores worldwide.

“We haven’t heard back from them yet,” chief financial officer Matthew Halliday said. “We expect to hear back from them soon.”