Casey’s General Stores has acquired a Market Express convenience store on the east side of Marion, Iowa, for $1,025,000, The Gazette reported. The 4,000-square-foot Conoco-branded station and the adjacent 900-square-foot car wash were purchased from NH Petroleum LLC last month, according to Linn County Assessor records. The Market Express store was built in 1996 and…
Casey’s 2nd Quarter Results Impacted by Hostile Bid
Ankeny, Iowa-based Casey’s General Stores Inc. released the results of its second quarter of fiscal 2011 ended Oct. 31, 2010. Casey’s reported 51 cents in basic earnings per share during the period and approximately $19.4 million in expenses pertaining to the company’s recapitalization plan completed in the second quarter, as well as the unsolicited hostile…
Catchfire Media To Manage Social Networking For Casey’s
Casey’s General Stores Inc. has hired Catchfire Media, a social media firm, to manage social marketing strategies and technology solutions for its 1,637 c-stores. “We have loyal and passionate customers who want to communicate with us on the social Web, and our partnership with Catchfire Media will help us achieve that goal,” said Cory Hart,…
7-Eleven Confirms End of Discussions With Casey’s
7-Eleven Inc. has confirmed that discussions with Casey’s General Stores Inc. regarding a potential transaction have terminated. 7-Eleven made a preliminary proposal of $40 per common share for a consensual transaction on Sept. 2, 2010. After completing additional due diligence, 7-Eleven raised its offer to $43 per common share. 7-Eleven believes its revised proposal fairly…
Casey’s Rejects 7-Eleven Bid
Casey’s General Stores Inc. has rejected a $43-per-share offer by 7-Eleven and ended talks with the convenience store operator owned by Japan’s Seven & I Holdings, Reuters reported. Shares of Casey’s dropped 5% after it announced the revised offer did not reflect its full value and growth opportunities. In early September, 7-Eleven made a non-binding…
Casey’s Acquires 44 Kabredlo’s Stores
Casey’s General Stores Inc. has signed an asset purchase agreement to acquire up to 44 Kabredlo’s locations. The 44 stores include 22 in Nebraska, 21 in Kansas and one in Oklahoma. All of the locations acquired will be converted to Casey’s General Stores. For the 12 months ended June 30, 2010, these stores generated annual…
Casey’s Completes Short Stop Acquisition
Ankeny, Iowa-based Casey’s General Stores Inc. has completed the acquisition of six convenience stores in Iowa owned by J.D. Carpenter Companies Inc. The stores operate under the Short Stop banner and are expected to be immediately rebranded to Casey’s. “After approaching Short Stop nearly three months ago, we were pleased with how smoothly the process…
Casey’s to Acquire On The Way Locations
Casey’s General Stores Inc. has entered into an agreement to purchase up to 19 convenience stores in Illinois owned by Harper Oil Co. Inc. The stores are currently operated under the “On The Way” banner and will be rebranded to Casey’s. Harper, which owns other On The Way stores, plans to continue to operate its…
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…