The Globe and Mail reports in its Thursday edition that Couche-Tard said on Wednesday it was launching a voluntary tender offer for all shares of Polish convenience store chain Zabka at 32 zlotys each, in line with its earlier plans. A Reuters dispatch to The Globe says the offer, which is set to run from Thursday until Sept. 25, is 2.3 per cent higher than Zabka's last closing price on the Warsaw exchange and values the company at 32.6 billion zlotys ($12.2-billion). Zabka shares rose slightly to 31.50 zlotys in early trading, below the offer price which mBank analyst Janusz Pieta said was "a little too low," although he noted that speculation that Poland might increase its corporate income tax could encourage some shareholders to sell. Couche-Tard said in July it planned to buy Zabka in the Canadian convenience store operator's biggest deal to date, after dropping a $46-billion (U.S.) approach for Japan's Seven & I last year. Circle K Polska, a Couche-Tard subsidiary, will acquire the shares, with Ipopema Securities acting as the intermediary. Couche-Tard expects the acquisition to create around $250-million (U.S.) in annual cost benefits within three years. Zabka operates 13,000 stores across Poland and Romania.