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Marathon Petroleum Corp. Receives Unsolicited Mini-Tender Offer

MPC urges shareholders to reject tender offer by TRC Capital Corp. Marathon Petroleum Corp. (MPC) has received notification of an unsolicited mini-tender offer by TRC Capital Corp. to purchase up to 2,000,000 shares (approximately 0.58%) of MPC’s outstanding common stock at a price of $41.50 per share. The offer price was 4.47% below the closing

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

Is Couche-Tard Out?

After Casey’s shareholders rejected Couche-Tard’s nominees for the board of directors last week, and instead reelected its standing board, analysts are weighing in on whether or not Couche-Tard is out of the game and whether 7-Eleven will come through with a bid. U.S. billionaire and hedge fund manager Steven Cohen, founder of SAC Capital Advisors

Couche-Tard Raises Bid

Alimentation Couche-Tard Inc. has increased its tender offer for Casey’s General Stores to $38.50 per share in cash, as Casey’s responds by advising its shareholders not to take any action as it reviews the revised bid. The revised offer of $38.50 is $0.50 per share higher than the price at which a majority of outstanding

Hess Corp. to Acquire American Oil & Gas Inc.

Hess Corp. is set to acquire American Oil & Gas Inc., a move that is expected to increase Hess’ strategic acreage position in the Bakken oil play in North Dakota by approximately 85,000 net acres. “This acquisition builds upon our strong land position in the Bakken, leverages our nearby infrastructure and offers operational synergies,” said

Couche-Tard Reports Strong Fourth Quarter, Fiscal 2010

Recent financial reports from Quebec-based Alimentation Couche-Tard Inc. might make it harder for Casey’s General Stores Inc. to convince shareholders to look the other way on Couche-Tard’s  bid to buy Casey’s for $36 per U.S. share. Couche-Tard, owner of Mac’s corner store in Canada and Circle K in the U.S., surpassed financial expectations for its

Casey’s Uses Poison Pill Defense

Canadian c-store giant Alimentation Couche-Tard is calling on Casey’s General Stores to discuss its bid, as the Iowa-based chain moves to instead thwart the hostile acquisition, the Globe and Mail reported. “A meeting would be more productive than putting roadblocks, like a poison pill, in the path of our compelling proposal,” Couche-Tard said in a statement.

Shell Changes Executive Pay

Shell is changing the way it rewards senior managers, less than a year after shareholders revolted against its executive-pay policies, the Wall Street Journal reported. In a letter to investors, Hans Wijers, chairman of Shell’s remuneration committee, said salaries paid to Chief Executive Peter Voser and Chief Financial Officer Simon Henry-who stepped into their current

The Pantry Inc. Posts First Quarter Loss

  The Pantry Inc. has reported a wider-than-expected first-quarter loss, due to below-average fuel and grocery margins, Reuters reported. For the first quarter ended Dec. 24, the company posted a net loss of $26.1 million, or $1.17 a share, compared with a profit of $38.5 million, or $1.73 a share, last year. Excluding 90 cents

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