Casey's General Stores Confirms 7-Eleven; Board Clears Talks |
| Wall Street Journal - Sep 9, 2010 |
Casey's General Stores Inc. (CASY) late Thursday confirmed it is talking to convenience store chain 7-Eleven Inc. about that company's $40-a-share bid to acquire the smaller company.
7-Eleven's offer tops the $38.50 a share offered by Canadian convenience-store giant Alimentation Couche-Tard Inc. (ANCUF, ATD.A.T, ATD.B.T), which has been trying to acquire Casey's for the past several months in a hostile bid.
Casey's said Thursday that its board "firmly believes that Casey's value substantially exceeds $40 per share," but it authorized discussions with 7-Eleven to see if a deal can be reached that will benefit its shareholders.
7-Eleven's offer values Casey's at about $2 billion, based on its share count from late August. Factoring in a just-finalized $500 million company stock buyback, the offer is valued at about $1.5 billion.
Read Full Article from Wall Street Journal
- Posted: 2010-09-09 22:17:05
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