Couche-Tard Walks Away

Alimentation Couche-Tard Inc. has allowed its tender offer to acquire all of the outstanding shares of Casey’s General Stores Inc. for $38.50 per share in cash to expire at 5:00 p.m., New York City time, on Sept. 30, 2010.

At the expiration of the offer, certain conditions to the offer had not been satisfied and Couche-Tard had not waived those conditions. No shares of common stock of Casey’s were purchased by Couche-Tard pursuant to the offer, and all tendered shares will be returned promptly.

“We sincerely appreciate the support we have received from our shareholders, as well as the support from many shareholders of Casey’s,” said Alain Bouchard, president and CEO of Couche-Tard. “From the beginning of this process, Couche-Tard demonstrated the seriousness of its interest in acquiring Casey’s, and we continue to believe that our fully-financed, $38.50 per share cash tender offer was the most attractive strategic alternative available to shareholders of Casey’s. However, we have decided not to continue to pursue our offer given the Casey’s Board’s repeated refusal to negotiate with us.”

“Couche-Tard approached this opportunity in a disciplined manner and our basic premise is always that a transaction must create value for our shareholders,” Bouchard added. “We look forward to building upon our outstanding track record of delivering growth and value to our shareholders.”

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