Casey’s Responds To Bid Extension

Casey’s General Stores Inc. has responded to Alimentation Couche-Tard Inc.’s recent extension of its non-binding, unsolicited $36 per share tender offer. The company also commented on Couche-Tard’s statement that only 9,792,196 shares of Casey’s common stock, which represent approximately 19.2% of Casey’s issued and outstanding shares, have tendered into the offer.

“The low number of shares tendered reflects what Casey’s has heard from many shareholders – that this hostile, highly conditional offer is inadequate. The response of our shareholders to Couche-Tard’s tender offer speaks for itself. We believe that our shareholders recognize Casey’s industry-leading performance and superior value potential. The Casey’s Board reiterates its recommendation that shareholders not tender their shares into the offer,” the company said in a statement.

Goldman, Sachs & Co. is acting as financial advisor to Casey’s, and Cravath, Swaine & Moore LLP and Ahlers & Cooney, PC are providing legal advice.

The offer, which previously had been scheduled to expire at midnight EST on July 9, has been extended by Couche-Tard, and will now expire at 5 p.m. EST on August 6, 2010, unless the offer is further extended. All other terms and conditions of the tender offer remain unchanged.  

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