Alimentation Couche-Tard Inc. has extended its tender offer to acquire all of the outstanding shares of Casey’s General Stores Inc.’s common stock for $36.75 per share in cash until 5 p.m., New York City time, on Aug. 30, 2010, unless the offer is further extended.
The offer had been scheduled to expire at 5 p.m., New York City time, on Aug. 6, 2010. As of 5 p.m., New York City time, on July 30, 2010, 6,112,533 shares of Casey’s common stock, representing approximately 12% of the outstanding shares of Casey’s, were tendered and not withdrawn pursuant to the offer.
Casey’s General Stores Inc. responded that “the low-and declining- number of shares tendered clearly demonstrates that Casey’s shareholders do not support Couche-Tard’s inadequate, highly conditional $36.75 per share offer. We believe that our shareholders recognize the superior value we are creating through our continuing strong performance, strategic growth initiatives and highly accretive recapitalization plan.”
Casey’s noted that the number of shares tendered into Couche-Tard’s offer has declined to 12% of Casey’s issued and outstanding shares from approximately 19.2% on July 12, 2010, notwithstanding Couche-Tard’s slight increase of its offer from $36 to $36.75 per share on July 22, 2010.
Goldman, Sachs & Co. is acting as financial advisor to Casey’s, and Cravath, Swaine & Moore LLP and Ahlers & Cooney, PC are providing legal advice.