ClearBridge Advisors, A New York investments firm with a large stake in Casey’s General Stores is encouraging the Ankeny, Iowa-based convenience store chain to hold talks with Couche-Tard. In a letter written Monday, ClearBridge Advisors said Casey’s owes it to shareholders to determine whether Alimentation Couche-Tard Inc. would raise its $36-per-share offer. “We agree that
What a difference location can make. Casey’s, one of 12 public companies incorporated in Iowa, should be thankful right now it’s not incorporated in, say, Delaware where it might not have an much latitude to defend itself form Couche-Tard’s hostile bid. In the New York Times, Steven Davidoff, writing as The Deal Professor, who weighs
Ankeny, Iowa -based Casey’s General Stores Inc. is telling its shareholders to reject the hostile $1.9 billion buyout offer from Alimentation Couche-Tard, the Associated Press reported. Casey’s board said the $36-per-share bid from Canada’s Couche-Tard Inc. is too low and isn’t in Casey’s best interest. In a statement Tuesday, Casey’s CEO Robert Myers called the
San Antonio-based Valero Energy Corp. has discontinued operations in Delaware City after completing the sale of its terminal operation there to Delaware City Refining Company LLC and Delaware Pipeline Company LLC, wholly owned subsidiaries of PBF Energy Company LLC. Valero received total proceeds of $220 million from the sale. Valero had announced the sale of
By John Lofstock, Editor Under CEO Alain Bouchard, Alimentation Couche-Tard has grown to be one of the largest convenience store operators in world. The Laval, Quebec-based chain today took its boldest step to date when it commenced an all-cash offer to acquire Casey’s General Stores, the Iowa chain currently operating 1,513 stores throughout the Midwest.
Marathon Oil Corp. has signed a non-binding Letter of Intent with ACON Investments LLC, NTR Partners LLC and TPG Capital, L.P. to sell most of its Minnesota downstream assets. The assets include the 74,000 barrel per day St. Paul Park refinery and associated terminal, 166 SuperAmerica convenience stores along with the SuperMom’s Bakery (a
At the NACS Sumitt in Chicago this week, a panel of experts spoke to the c-store industry on today’s lending environment. “It is clear to me this would be a hot topic for many people in this room,” said Joseph Sheetz, executive vice president of finance for Sheetz Inc., who moderated the session. Panel participants
Walgreen Co. has completed the acquisition of Duane Reade Holdings Inc. The transaction includes all 258 Duane Reade stores in the New York City metropolitan area, as well as Duane Reade’s corporate office and two distribution centers. “Just as Walgreens has been a trusted community pharmacy for more than 100 years, we plan for Duane
Valero Energy Corp. is selling the assets of its terminal operation and discontinued operations in Delaware City to the Delaware City Refining Company LLC and Delaware Pipeline Company LLC, wholly owned subsidiaries of PBF Energy Partners LP. Valero is selling the assets for $220 million and will retain the minimal levels of remaining crude oil
Walgreen Co. has received the regulatory clearance from the U.S. Federal Trade Commission needed to complete the acquisition of Duane Reade Holdings Inc. “We’re clear to move forward and complete the Duane Reade acquisition, which will immediately give Walgreens a leading position in the nation’s largest drugstore market,” said Walgreens president and CEO Greg Wasson.
Clark Brands and CBE have partnered on a new program that will offer special pricing on VeriFone equipment to Clark branded and credit card locations. This pricing is especially attractive for retailers who are working to upgrade their Point of Sale (POS) devices and PIN pads as part of their compliance strategy. “In Clark’s continuing
Royal Dutch Shell has stopped gasoline sales to Iran, the latest addition to a growing list of firms, including BP, that have halted supplies or decided not to enter new trade agreements under threat of future U.S. sanctions, Reuters reported. “Shell currently does not supply gasoline to Iran,” a Shell spokesman said. U.S. politicians are
A portfolio of 12 7-Eleven stores, all of which were part of small strip centers, has sold to different buyers in transactions with a combined value greater than $20 million, GlobeSt.com reported. The 12 assets in Nevada, Texas and Virginia were acquired from the locally based 7-Eleven through all-cash deals. Seller representative Mehran Foroughi, senior