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 [...]
Alimentation Couche-Tard plans to challenges the constitutionality of several Iowa anti-takeover laws as part of the company’s hostile bid to purchase Casey’s General Stores, the Des Moines Register reported. Couche-Tard, which operates 5,883 convenience stores in the U.S. and Canada, filed court papers late last week alleging that three Iowa statutes contradict U.S. law, creating [...]
Casey’s General Stores Inc. has reported $0.43 in basic earnings per share for the fourth quarter of fiscal 2010 ended April 30, 2010, compared to $0.31 from the same quarter a year ago. The results include approximately $6.9 million in legal and advisory fees pertaining to the evaluation of the unsolicited offer and related actions [...]
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 General Stores Inc. on Friday, June 11, filed a complaint in the U.S. District Court for the Southern District of Iowa against Alimentation Couche-Tard Inc., alleging that Couche-Tard violated federal securities laws in connection with its unsolicited tender offer to purchase all of Casey’s outstanding shares for $36.00 per share in cash. As announced [...]
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 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 [...]
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 [...]
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 [...]
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. [...]
Alimentation Couche-Tard Inc. has announced that Réal Plourde is stepping down as chief operating officer effective today. Plourde plans to remain executive vice-president and a member of the executive committee. Brian Hannasch, currently senior vice-president of U.S. operations and a close associate of Plourde, will succeed him as chief operating officer. “Plourde’s contribution to the [...]
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. [...]
The Law Offices of Howard G. Smith announced it is looking into potential claims against the board of directors of Casey’s General Stores Inc. related to the unsolicited purchase offer the company received from Alimentation Couche-Tard Inc. Couche-Tard is looking to acquire all outstanding shares of Casey’s for $36 per share in cash. The proposed [...]
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 [...]
Following an unsolicited proposal from Alimentation Couche-Tard, Casey’s General Stores stock grew 20.7% to $38.10 in premarket trading Monday after the company unanimously rejected the offer, The Street reported. Casey’s received the unsolicited buyout proposal for $36 a share in cash on March 9. In a statement released on April 9, Casey’s said “the board [...]