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…
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…
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 Nominates Casey’s Board Candidates
Alimentation Couche-Tard Inc. has provided formal notice to Casey’s General Stores Inc. of its intention to nominate a slate of nine independent candidates for election to the Casey’s Board of Directors and present a proposal for shareholder action at Casey’s 2010 annual meeting of shareholders. “Though it remains our strong preference to enter into a…
Couche-Tard Takes Hostile Bid to Casey’s Shareholders
By John Lofstock, Editor Under CEO Alain Bouchard, Alimentation Couche-Tard has grown to be one of the largest convenience store operators in world. The Laval, Quebec-based chain today took its boldest step to date when it commenced an all-cash offer to acquire Casey’s General Stores, the Iowa chain currently operating 1,513 stores throughout the Midwest.…
Couche-Tard COO Steps Down
Alimentation Couche-Tard Inc. has announced that Réal Plourde is stepping down as chief operating officer effective today. Plourde plans to remain executive vice-president and a member of the executive committee. Brian Hannasch, currently senior vice-president of U.S. operations and a close associate of Plourde, will succeed him as chief operating officer. “Plourde’s contribution to the…
Casey’s Rejects Unsolicited Couche-Tard Bid
Following an unsolicited proposal from Alimentation Couche-Tard, Casey’s General Stores stock grew 20.7% to $38.10 in premarket trading Monday after the company unanimously rejected the offer, The Street reported. Casey’s received the unsolicited buyout proposal for $36 a share in cash on March 9. In a statement released on April 9, Casey’s said “the board…
Couche-Tard Makes Unsolicited Bid for Casey’s Stores
Alimentation Couche-Tard Inc., the Canadian convenience-store chain, made an unsolicited bid for Casey’s General Stores Inc. for $36 a share in cash, BusinessWeek reported Couche-Tard offered the Ankeny, Iowa-based company, which operates more than 1,500 stores in the Midwest, 14% more than its closing price yesterday in Nasdaq Stock Market trading. Including about $29 million…
Couche-Tard Pushes U.S. Expansion
When Alimentation Couche-Tard Inc. was presented with CSD’s Chain of the Year honors in 2007, the company’s smart, strong growth was cited as the foundation for the honor. A little more than two years later and not much has changed. The company is still regarded as one of the savviest marketers in two countries, and…