The Caltex board will continue to engage with EG Group moving forward.
Fuel and convenience retailer fails to find replacement for outgoing CEO Julian Segal.
Caltex has entered into a confidentiality agreement to provide non-public information to the Canadian convenience store operator.
Petrol operator said there is no certainty a binding proposal will be made.
The deal is part of a $1.25 billion pre-Christmas spending spree.