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…
Couche-Tard To Casey’s: Reveal Terms of 7-Eleven Bid
Alimentation Couche-Tard Inc. challenges Casey’s to announce any developments relating to 7-Eleven’s non-binding preliminary bid on Sept. 2, ahead of the 2010 Annual Meeting of Shareholders scheduled for Sept. 23. “We believe that disclosure of 7-Eleven’s preliminary, non-binding indication of interest is yet another attempt to obfuscate the choices that have been presented to the…
Couche-Tard Would Increase Offer
Alimentation Couche-Tard Inc. is again appealing to Casey’s shareholders ahead of this week’s annual shareholders meeting set for Sept. 23. It urged shareholders to consider the following when voting: “7-Eleven has not made a formal offer to acquire Casey’s. Unlike Couche-Tard’s $38.50 per share fully-financed cash premium offer to acquire all of the outstanding shares…
Casey’s Confirms Discussions with 7-Eleven
Casey’s General Stores Inc. has officially confirmed that it has entered discussions with 7-Eleven Inc., regarding a potential acquisition. On Sept. 2, 2010, Casey’s received an unsolicited preliminary proposal from 7-Eleven regarding a consensual transaction at $40 per share in cash. As disclosed in Casey’s Schedule 14D-9 filed with the Securities and Exchange Commission on…