(Bloomberg) -- Canadian convenience-store giant Alimentation Couche-Tard Inc. raised its takeover offer for Caltex Australia Ltd. to A$8.8 billion ($5.9 billion) as other parties including EG Group circle the Australian fuel retailer.

Sweetening its bid for a second time, Couche-Tard is now offering A$35.25 per share in cash for Caltex, after earlier offers of A$34.50 and A$32 were rejected as too low, according to a statement Thursday. The latest approach is 7% higher than Wednesday’s closing price.

Caltex shares rose as high as A$34.65 in early Sydney trading Thursday.

Caltex, which had granted the Canadian suitor some access to its books, said it was considering the revised proposal.

The fuel retailer, which has a network of about 2,000 sites, has confirmed its has been approached by a number of parties, including EG Group, the company led by Britain’s billionaire Issa brothers.

EG Group is in talks to team up with an arm of Macquarie Group Ltd. in its attempt to acquire Caltex, according to people familiar with the matter. If their bid is successful, EG Group would keep Caltex’s main retail business, while Macquarie would take on its refinery unit and some infrastructure assets, the people said.

Couche-Tard has indicated its latest offer is its “best and final” price in the absence of a competing bid, Caltex said in the statement. However, the offer is subject to various conditions and there’s no certainty it will result in a deal, Caltex said.

(Adds share price in third paragraph, other suitors from fifth paragraph.)

To contact the reporter on this story: Edward Johnson in Sydney at ejohnson28@bloomberg.net

To contact the editors responsible for this story: Edward Johnson at ejohnson28@bloomberg.net, Angus Whitley, Peter Vercoe

©2020 Bloomberg L.P.