Alimentation Couche-Tard Inc. has responded to Casey’s General Stores Inc.’s rejection of its increased tender offer from $36 to $36.75 per share in cash, which was announced on July 22, 2010. “We are disappointed that the Casey’s Board of Directors has rejected our increased $36.75 cash offer and has initiated a recapitalization for only 25%…
Casey’s Announces $500 Million Recapitalization Plan
Ankeny, Iowa-based Casey’s General Stores Inc.’s board of directors has unanimously approved a $500 million recapitalization plan for the company and has reaffirmed its strategy to continue to execute upon its growth plan. The recapitalization plan is expected to be executed through a modified “Dutch auction” self tender offer for up to $500 million of…
Couche-Tard Pays Nominees $20,000 Each
As it continues in its bid to acquire Casey’s General Stores, Alimentation Couche-Tard plans to pay each of its independent nominees to the Casey’s board more than $20,000, according to a preliminary proxy it filed with U.S. regulators, New Brunswick Business Journal reported. The nine candidates are set to receive a one-time payment and…
Couche-Tard Boosts Casey’s Bid
Alimentation Couche-Tard Inc. has increased its offer for Casey’s General Stores Inc. to $36.75 per share in an effort to persuade shareholders to back its takeover. The revised transaction has a total enterprise value of approximately $1.9 billion on a fully diluted basis, including net debt of Casey’s of approximately $28 million. Couche-Tard’s original offer was $36,…
Casey’s Responds To Bid Extension
Casey’s General Stores Inc. has responded to Alimentation Couche-Tard Inc.’s recent extension of its non-binding, unsolicited $36 per share tender offer. The company also commented on Couche-Tard’s statement that only 9,792,196 shares of Casey’s common stock, which represent approximately 19.2% of Casey’s issued and outstanding shares, have tendered into the offer. “The low number of…
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 Extends Offer for Casey’s
Casey’s General Stores still has more time to consider Alimentation Couche-Tard Inc.’s tender offer to acquire all of the outstanding shares of common stock of Casey’s General Stores Inc. for $36.00 per share in cash. The offer, which previously had been scheduled to expire at midnight EST on July 9, has been extended by Couche-Tard,…
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…
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…
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…