7-Eleven is the previously unnamed third party bidder that has offered to buy Casey’s General Stores for $2.03 billion or $40 per share, the Wall Street Journal reported.
7-Eleven’s $40-a-share offer surpasses Alimentation Couche-Tard’s bid of $38.50 a share. Casey’s has rejected Couche-Tard’s advances since it placed its first hostile bid for the company back in April for $36 per share, which Casey’s rejected as too low.
Couche-Tard Inc. and the U.S. Federal Trade Commission have agreed that the convenience store operator will sell 25 stores and service stations if it succeeds in its takeover bid for Casey’s General Stores, Reuters reported.
BMO Capital Markets raised Casey’s price target to $46 from $39 on Wednesday, following the news of the third party bidder.
Couche-Tard is asking Casey’s shareholders to vote for its slate of board nominees when investors meet on Sept. 23 to elect directors at the company’s annual meeting.