Couche-Tard proposes up to $8 billion offer for Cumberland Farms, The Times reports

Canada's Alimentation Couche-Tard has made a proposed bid of between $7.5 billion and $8 billion to acquire US convenience store operator Cumberland Farms, according to Britain's Times newspaper. The offer is reportedly lower than Cumberland Farms' planned US IPO valuation target of $9 billion, reported Reuters on Saturday. The two companies have not yet responded to Reuters' inquiries for comment.

Cumberland Farms has maintained its commitment to a US listing, per sources familiar with the matter. The newspaper also revealed that Cumberland Farms had postponed its intended IPO following receiving takeover interest, including from infrastructure investor Stonepeak. A public offering is not expected to occur before 2027, as previously reported by the Financial Times, citing unnamed sources; however, the company has not officially disclosed a timeline.

TDR Capital, a private equity firm, holds a 50% stake in Cumberland Farms, while British billionaire entrepreneurs, the Issa brothers, each own a 25% share, as per the Times report. Cumberland Farms operates more than 3,200 convenience stores and fuel stations across the US and Europe.