In November 2019, Alimentation Couche-Tard (ATD) proposed an offer to acquire Caltex Australia. Initially declined by the Caltex Australia board, ATD proposed an improved offer in February 2020, and the board agreed to further engage with ATD. Separately in the same month, the EG Group also proposed an offer to acquire Caltex Australia, which was declined by the Caltex Australia board. In April 2020, ATD decided not to proceed with its acquisition proposal due to the high level of economic uncertainty caused by the COVID-19 pandemic, but will seek to re-engage once there is sufficient clarity to the global economic outlook.