Żabka Stock Surges on PLN 32.6 Billion Takeover Bid from Circle K Owner Couche-Tard

Shares of Żabka Group SA (WSE: ZAB) surged on Wednesday after Canadian convenience store giant Alimentation Couche-Tard announced a voluntary tender offer to acquire the Polish retailer for PLN 32.00 per share in cash. The stock climbed 8.6% to close at PLN 31.79, trading just shy of the offer price as investors priced in the high probability of the deal's completion.

The Acquisition Offer

Alimentation Couche-Tard, the global operator of the Circle K chain, made the offer through its Polish subsidiary. The bid values Żabka's total equity at approximately PLN 32.62 billion (about $8.6 billion USD), marking the largest acquisition in Couche-Tard's history, according to the announcement.

The transaction has a high degree of certainty, as it is unanimously supported by Żabka’s management. Crucially, shareholders representing approximately 57% of Żabka’s outstanding shares, including private equity firms CVC Capital Partners and Partners Group, have already signed irrevocable agreements to tender their shares.

The tender period is expected to begin around August 26, 2026, pending regulatory review. Couche-Tard also stated its right to pursue a compulsory squeeze-out and delist Żabka from the Warsaw Stock Exchange if it acquires at least 95% of the voting rights.

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Strong Earnings Provide Further Momentum

Coinciding with the takeover news, Żabka reported strong financial results for the second quarter of 2026, further bolstering investor confidence. The company's performance highlights included:

• Adjusted net profit rising 65.8% year-over-year to PLN 366 million.
• Adjusted EBITDA climbing 16.2% to PLN 1,228 million.

Żabka also reaffirmed its full-year guidance, projecting mid-to-high single-digit like-for-like sales growth and an adjusted EBITDA margin near the top of its 12–13% target range. The combination of a firm cash offer and robust operational performance created a powerful catalyst for the stock's sharp upward move.