Alimentation Couche-Tard Inc. has sent a letter to the Board of Directors of Casey’s General Stores Inc. in response to the chain’s announcement that it has authorized discussions with 7-Eleven involving a possible acquisition after repeatedly rebuffing Couche-Tard’s offers for the company. In the letter, the company expressed its dismay with Casey’s refusal to discuss…
Casey’s To Acquire 52 Stores
Casey’s General Stores Inc. has released its first quarter of fiscal 2011 results ended July 31, 2010, and with it an announcement that it has signed commitments to acquire an additional 52 locations, which it anticipates purchasing by the end of the calendar year. Casey’s reported basic earnings per share of $0.73 and approximately $6.2…
Casey’s Mystery Bidder Revealed
7-Eleven is the previously unnamed third party bidder that has offered to buy Casey’s General Stores for $2.03 billion or $40 per share, the Wall Street Journal reported. 7-Eleven’s $40-a-share offer surpasses Alimentation Couche-Tard’s bid of $38.50 a share. Casey’s has rejected Couche-Tard’s advances since it placed its first hostile bid for the company back…
Third Party Bids For Casey’s
Couche-Tard has some competition in its quest to acquire Casey’s General Stores Inc. Casey’s announced that it has received a preliminary proposal from a strategic third party regarding a consensual transaction at $40 per share in cash. Casey’s General Stores Inc.’s Board of Directors today, Sept. 7, unanimously recommended against Alimentation Couche-Tard Inc.’s revised tender…
Couche-Tard Responds
Alimentation Couche-Tard Inc. today responded to the announcement by Casey’s General Stores Inc. that it had authorized discussions with a third party regarding a preliminary non-binding proposal to acquire Casey’s: “We are pleased that Casey’s is now in ‘revlon’ mode given that the Casey’s Board of Directors has finally made the decision to put the…
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…
Casey’s Reports Recapitalization Results
Casey’s General Stores Inc. has announced the preliminary results of its modified “Dutch auction” self tender offer, which expired on Aug. 25, 2010 at midnight New York City time, determining the recapitalization was a success. Based on the preliminary count, a total of approximately 28.2 million shares were validly tendered at the minimum purchase price…
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…