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…
Shareholder Sues Casey’s
One day after Casey’s General Stores Inc. received a letter from shareholder ClearBridge Advisors urging Casey’s to participate in talks with Couche-Tard, another shareholder is suing the company for neglecting stockholder interests, the Des Moines Register reported. West Des Moines, Iowa attorney J. Barton Goplerud sued Ankeny, Iowa-based Casey’s on Tuesday on behalf of veterinarian…
Four Puffin Stops Head To Auction
JJManning Auctioneers is selling four “Puffin Stop” Gas Stations / Convenience Stores in Maine. The stores will be auctioned off individually on Thursday, July 15, 2010. The Terms of Sale include a 10% deposit of which $20,000 Per Property must be presented in cash, certified or bank check at the auction. The remainder of the…
Pilot And Flying J Complete Merger
The Federal Trade Commission (FTC) yesterday gave final approval to Flying J to merge its travel plaza business with Pilot Travel Centers, Truckinginfo.com reported. The merger, effective July 1, is expected to help Flying J emerge from Chapter 11 bankruptcy protection and create an entity of more than 550 interstate travel centers and travel plazas…
Loves To Acquire 30 Flying J / Pilot Locations
Pilot Travel Centers and Flying J are planning to divest about 30 locations (10-15 of which are Pilot locations) to Love’s Travel Stops and Country Stores, for an estimated $3 million to $5 million per location, The Trucker reported. The move is an attempt by Pilot and Flying J to alleviate concerns the Federal Trade…
Investor Urges Casey’s To Negotiate Bid
ClearBridge Advisors, A New York investments firm with a large stake in Casey’s General Stores is encouraging the Ankeny, Iowa-based convenience store chain to hold talks with Couche-Tard. In a letter written Monday, ClearBridge Advisors said Casey’s owes it to shareholders to determine whether Alimentation Couche-Tard Inc. would raise its $36-per-share offer. “We agree that…
Iowa Helping Casey’s Fight
What a difference location can make. Casey’s, one of 12 public companies incorporated in Iowa, should be thankful right now it’s not incorporated in, say, Delaware where it might not have an much latitude to defend itself form Couche-Tard’s hostile bid. In the New York Times, Steven Davidoff, writing as The Deal Professor, who weighs…
Casey’s Urges Shareholders To Reject Bid
Ankeny, Iowa -based Casey’s General Stores Inc. is telling its shareholders to reject the hostile $1.9 billion buyout offer from Alimentation Couche-Tard, the Associated Press reported. Casey’s board said the $36-per-share bid from Canada’s Couche-Tard Inc. is too low and isn’t in Casey’s best interest. In a statement Tuesday, Casey’s CEO Robert Myers called the…
Valero Exits Delaware City
San Antonio-based Valero Energy Corp. has discontinued operations in Delaware City after completing the sale of its terminal operation there to Delaware City Refining Company LLC and Delaware Pipeline Company LLC, wholly owned subsidiaries of PBF Energy Company LLC. Valero received total proceeds of $220 million from the sale. Valero had announced the sale of…
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.…