Kerrville, Texas-based Quest Oil Corp. at the request of its shareholders and in response to numerous inquiries to the company after its acquisition of B&B Oil, has released a corporate overview on recent company developments. “Since the acquisition of B&B Oil by Quest, my team has been actively preparing inventories, replacing stock items, hiring work…
Couche-Tard Acquires 12 Stores in Indiana
Alimentation Couche-Tard Inc., through its wholly-owned indirect subsidiary, Mac’s Convenience Stores LLC, is set to acquire 12 stores in the Indianapolis, Ind., area from Crystal Flash Petroleum LLC, which operates under the “Crystal Flash” banner. The transaction is anticipated to close in September 2010 and is subject to standard regulatory approvals and closing conditions. According…
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…
Couche-Tard Suggests That Casey’s Delay Annual Meeting
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…
Rite Aid Partners With Save-A-Lot
Rite Aid Corp. plans to add discount Save-A-Lot groceries to 10 of its stores in and around Greenville, S.C., as it tests out a partnership with Supervalu Inc., the Associated Press reported. The stores are set to be remodeled by October, and renamed Save-A-Lot Food Stores/Rite Aid Pharmacy. Rite Aid will own and operate the…
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…
Tiger Management Acquires 26 Exxon Stations
Tiger Management Groups LLC, owned by Chattanooga, Tenn. businessman Lyle Finley, has acquired 26 ExxonMobil gas stations in the Nashville area, The Tennessean reported. Finley already owns and operates 11 Exxon gas stations, and this new purchase grows his store count to 37 locations. The purchase also puts Irving, Texas-based Exxon closer to its…
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…
More Details on Quarles Sale
7-Eleven Inc. has closed on an agreement to purchase 14 gasoline locations in Virginia from Quarles Petroleum Inc. of Fredericksburg, Va. The stores will be re-branded as 7-Eleven operations, and these sites will continue to sell Shell gasoline. Financial details of the transaction will not be disclosed. The locations are part of a 20-store divestiture…
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…