Alimentation Couche-Tard Inc. has responded to the lawsuit filed by Casey’s General Stores Inc. in connection with Couche-Tard’s tender offer to acquire Casey’s for $36.00 per share in cash. “We believe this lawsuit is entirely without merit and we will vigorously defend against these baseless claims. We are disappointed that the Casey’s Board of Directors…
Casey’s Chairman of the Board Passes Away
Ronald Lamb, Chairman of the Board and former CEO, of Casey’s General Stores Inc., passed away Friday, June 11, 2010 following a courageous battle with cancer. He was 74 years old. “Ron’s exceptional character and integrity influenced the lives of many people,” said Robert Myers, president and CEO of Casey’s. “His tireless work ethic and…
Casey’s: Couche-Tard Using “Questionable Tactics”
Casey’s General Stores Inc.’s Board of Directors voted to recommend that Casey’s shareholders reject Alimentation Couche-Tard Inc.’s $36.00 per common share cash tender offer, stating that it substantially undervalues Casey’s and is not in the best interests of Casey’s, its shareholders and other constituencies. On June 8, Casey’s filed a Schedule 14D-9 with the Securities…
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…
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.…
Casey’s Debuts on Fortune 500
Ankeny, Iowa-based Casey’s General Stores has made its first appearance in the Fortune 500 list, the Des Moines Register reported today. The c-store chain debuts at No. 485 on Fortune magazine’s annual ranking of the country’s 500 largest corporations by revenue. The list is in the May 3 edition, which is hitting mailboxes now. Bill…
Casey’s Uses Poison Pill Defense
Canadian c-store giant Alimentation Couche-Tard is calling on Casey’s General Stores to discuss its bid, as the Iowa-based chain moves to instead thwart the hostile acquisition, the Globe and Mail reported. “A meeting would be more productive than putting roadblocks, like a poison pill, in the path of our compelling proposal,” Couche-Tard said in a statement.…
Casey’s Acquires 10 Holiday Stationstores
Just days after publicly rejecting Alimentation Couche-Tard’s unsolicited bid, Akron, Iowa-based Casey’s General Stores Inc. announced that it will be the one making an acquisition. Casey’s is purchasing 10 Holiday Stationstore convenience stores in Nebraska and Iowa, Bill Walljasper, senior vice president and CFO of Casey’s told the Omaha World Herald. Casey’s, which operates 1,500…