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Alimentation Couche-Tard bids $1.87B for Casey's
Posted: 06.02.2010 at 7:57 AM
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NEW YORK (AP) -- Canadian convenience store operator Alimentation Couche-Tard Inc. is taking its $36-per-share cash offer for Casey's General Stores Inc. directly to shareholders in a tender offer after Casey's rejected its bid.
The offer is a nearly 1 percent discount to Casey's closing price on Friday. But it is a 14 percent premium to the stock price before Alimentation Couche-Tard made its initial offer.
Couche-Tard also says it plans to nominate candidates for Casey's board.
Casey's said in April the bid undervalues the Ankeny, Iowa, company, which operates more than 3,500 stores nationwide.
The total bid is worth $1.87 billion, excluding about $29 million in Casey's debt.
The offer expires July 9.
(Copyright ©2010 by The Associated Press. All Rights Reserved.)