Casey’s Fires Back

With a month till the annual Casey’s shareholders’ meeting on Sept. 23, a war of words is underway, with Casey’s and Couch-Tard vying for shareholder votes and fighting to prove they have the most to offer shareholders. In response to Couche-Tard’s most recent letter of appeal to shareholders, asking them elect its slate of eight

Couche-Tard Appeals To Casey’s Shareholders in Letter

Alimentation Couche-Tard Inc. is soliciting votes from shareholders of Casey’s General Stores ahead of their 2010 annual meeting set for Sept. 23. Couche-Tard has mailed a letter to shareholders along with its definitive proxy materials, as it hopes to sway shareholders to elect its slate of eight independent candidates to the Casey’s board of directors.

Couche-Tard Responds To Private Placement

Alimentation Couche-Tard Inc. responded to Casey’s General Stores Inc. announcement that it has completed a private placement of $569 million principal amount of 5.22% Senior Notes due Aug. 9, 2020 to fund its leveraged recapitalization. “Casey’s recent action to transfer value from the Casey’s shareholders to noteholders is outrageous,” Couche-Tard said in a statement. “In

Casey’s Board Appeals For Reelection

Ankeny, Iowa-based Casey’s General Stores Inc. has filed with the Securities and Exchange Commission a definitive proxy statement and a letter sent to Casey’s shareholders from Casey’s President and CEO Robert Myers. The letter, dated Aug. 12, informed shareholders that Casey’s has nominated all of its directors for reelection and urged shareholders to vote for

Casey’s Completes Financing for Recapitalization Plan

Casey’s General Stores Inc. has completed a private placement for $569 million of 5.22% senior unsecured notes due 2020. Casey’s plans to use the net proceeds from the offering to finance its previously announced recapitalization plan set to be executed through a modified “Dutch auction” self tender offer for up to $500 million in value

Couche-Tard Extends Deadline

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

A Third Investor Sues Casey’s

Casey’s General Stores Inc. now faces three lawsuits from investors, who demand the chain stop its defensive tactics and negotiate the hostile bid by Alimentation Couche-Tard Inc, The National Post reported. The most recent suit, came last week-a class-action petition filed in Iowa, by the Kentucky State District Council of Carpenters Pension Trust Fund. It

Couche-Tard Responds To Casey’s Rejection

Alimentation Couche-Tard Inc. has responded to Casey’s General Stores Inc.’s rejection of its increased tender offer from $36 to $36.75 per share in cash, which was announced on July 22, 2010. “We are disappointed that the Casey’s Board of Directors has rejected our increased $36.75 cash offer and has initiated a recapitalization for only 25%

Casey’s Announces $500 Million Recapitalization Plan

Ankeny, Iowa-based Casey’s General Stores Inc.’s board of directors has unanimously approved a $500 million recapitalization plan for the company and has reaffirmed its strategy to continue to execute upon its growth plan. The recapitalization plan is expected to be executed through a modified “Dutch auction” self tender offer for up to $500 million of

Couche-Tard Pays Nominees $20,000 Each

As it continues in its bid to acquire Casey’s General Stores, Alimentation Couche-Tard plans to pay each of its independent nominees to the Casey’s board more than $20,000, according to a preliminary proxy it filed with U.S. regulators, New Brunswick Business Journal reported.   The nine candidates are set to receive a one-time payment and

Couche-Tard Boosts Casey’s Bid

Alimentation Couche-Tard Inc. has increased its offer for Casey’s General Stores Inc. to $36.75 per share in an effort to persuade shareholders to back its takeover. The revised transaction has a total enterprise value of approximately $1.9 billion on a fully diluted basis, including net debt of Casey’s of approximately $28 million. Couche-Tard’s original offer was $36,

Casey’s Responds To Bid Extension

Casey’s General Stores Inc. has responded to Alimentation Couche-Tard Inc.’s recent extension of its non-binding, unsolicited $36 per share tender offer. The company also commented on Couche-Tard’s statement that only 9,792,196 shares of Casey’s common stock, which represent approximately 19.2% of Casey’s issued and outstanding shares, have tendered into the offer. “The low number of

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

Couche-Tard Extends Offer for Casey’s

Casey’s General Stores still has more time to consider Alimentation Couche-Tard Inc.’s  tender offer to acquire all of the outstanding shares of common stock of Casey’s General Stores Inc. for $36.00 per share in cash. The offer, which previously had been scheduled to expire at midnight EST on July 9, has been extended by Couche-Tard,

Couche-Tard’s Bid Gains Appeal

A recent drop in the S&P 500 might help Quebec-based Alimentation Couche-Tard’s hostile US$1.9-billion ($36 per share) bid for Casey’s General Stores look like a more attractive option, an industry analyst told the Winnipeg Free Press. Martin Landry of Desjardins Securities told the paper that the 14% premium offered by Couche-Tard has increased in appeal

Shareholder Sues Casey’s

One day after Casey’s General Stores Inc. received a letter from shareholder ClearBridge Advisors urging Casey’s to participate in talks with Couche-Tard, another shareholder is suing the company for neglecting stockholder interests, the Des Moines Register reported. West Des Moines, Iowa attorney J. Barton Goplerud sued Ankeny, Iowa-based Casey’s on Tuesday on behalf of veterinarian

Investor Urges Casey’s To Negotiate Bid

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

Couche-Tard Versus Iowa

Alimentation Couche-Tard plans to challenges the constitutionality of several Iowa anti-takeover laws as part of the company’s hostile bid to purchase Casey’s General Stores, the Des Moines Register reported. Couche-Tard, which operates 5,883 convenience stores in the U.S. and Canada, filed court papers late last week alleging that three Iowa statutes contradict U.S. law, creating

Casey’s Reports Record Fiscal Fourth Quarter

Casey’s General Stores Inc. has reported $0.43 in basic earnings per share for the fourth quarter of fiscal 2010 ended April 30, 2010, compared to $0.31 from the same quarter a year ago. The results include approximately $6.9 million in legal and advisory fees pertaining to the evaluation of the unsolicited offer and related actions

Casey’s Chairman of the Board Passes Away

Ronald Lamb, Chairman of the Board and former CEO, of Casey’s General Stores Inc., passed away Friday, June 11, 2010 following a courageous battle with cancer. He was 74 years old. “Ron’s exceptional character and integrity influenced the lives of many people,” said Robert Myers, president and CEO of Casey’s. “His tireless work ethic and

Couche-Tard Reacts To Casey’s Lawsuit

Alimentation Couche-Tard Inc. has responded to the lawsuit filed by Casey’s General Stores Inc. in connection with Couche-Tard’s tender offer to acquire Casey’s for $36.00 per share in cash. “We believe this lawsuit is entirely without merit and we will vigorously defend against these baseless claims. We are disappointed that the Casey’s Board of Directors

Casey’s Files Lawsuit

Casey’s General Stores Inc. on Friday, June 11, filed a complaint in the U.S. District Court for the Southern District of Iowa against Alimentation Couche-Tard Inc., alleging that Couche-Tard violated federal securities laws in connection with its unsolicited tender offer to purchase all of Casey’s outstanding shares for $36.00 per share in cash. As announced

Iowa Helping Casey’s Fight

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

Casey’s: Couche-Tard Using “Questionable Tactics”

Casey’s General Stores Inc.’s Board of Directors voted to recommend that Casey’s shareholders reject Alimentation Couche-Tard Inc.’s $36.00 per common share cash tender offer, stating that it substantially undervalues Casey’s and is not in the best interests of Casey’s, its shareholders and other constituencies. On June 8, Casey’s filed a Schedule 14D-9 with the Securities

Casey’s Urges Shareholders To Reject Bid

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

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