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LAVAL, Que. - A bid by convenience retailer Alimentation Couche-Tard Inc. to acquire the assets of Dairy Mart Convenience Stores Inc. has been approved by the Southern District of New York Court, Dow Jones newswire reports. Couche-Tard said the transaction will close on Aug. 20.
Couche-Tard filed a bid in June to acquire the assets of regional c-store chain Dairy Mart, based in Hudson, Ohio, which filed for bankruptcy in 2001. The bid is about $80 million in cash (subject to adjustments) and the assumption of certain liabilities, mainly lease contracts, and covers a substantial majority of Dairy Mart's stores, including inventory.
Couche-Tard is the ninth-largest convenience retailer in North America.