7-Eleven is the previously unnamed third party bidder that has offered to buy Casey’s General Stores for $2.03 billion or $40 per share, the Wall Street Journal reported. 7-Eleven’s $40-a-share offer surpasses Alimentation Couche-Tard’s bid of $38.50 a share. Casey’s has rejected Couche-Tard’s advances since it placed its first hostile bid for the company back [...]
Tiger Management Groups LLC, owned by Chattanooga, Tenn. businessman Lyle Finley, has acquired 26 ExxonMobil gas stations in the Nashville area, The Tennessean reported. Finley already owns and operates 11 Exxon gas stations, and this new purchase grows his store count to 37 locations. The purchase also puts Irving, Texas-based Exxon closer to its [...]
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 [...]
7-Eleven Inc. has closed on an agreement to purchase 14 gasoline locations in Virginia from Quarles Petroleum Inc. of Fredericksburg, Va. The stores will be re-branded as 7-Eleven operations, and these sites will continue to sell Shell gasoline. Financial details of the transaction will not be disclosed. The locations are part of a 20-store divestiture [...]
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 [...]
Fredericksburg-based Quarles Petroleum’s food and convenience stores recently announced the sale of 13 stores to 7-Eleven. Six other locations, including the Opal truck stop on U.S. 29, were also recently sold to unidentified independent dealers, the Culpeper, Va., Star Exponent reported. “Quarles has decided to transition the operation of our Food Store locations to new [...]
JJManning Auctioneers is selling four “Puffin Stop” Gas Stations / Convenience Stores in Maine. The stores will be auctioned off individually on Thursday, July 15, 2010. The Terms of Sale include a 10% deposit of which $20,000 Per Property must be presented in cash, certified or bank check at the auction. The remainder of the [...]
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 [...]
The Federal Trade Commission (FTC) yesterday gave final approval to Flying J to merge its travel plaza business with Pilot Travel Centers, Truckinginfo.com reported. The merger, effective July 1, is expected to help Flying J emerge from Chapter 11 bankruptcy protection and create an entity of more than 550 interstate travel centers and travel plazas [...]
Pilot Travel Centers and Flying J are planning to divest about 30 locations (10-15 of which are Pilot locations) to Love’s Travel Stops and Country Stores, for an estimated $3 million to $5 million per location, The Trucker reported. The move is an attempt by Pilot and Flying J to alleviate concerns the Federal Trade [...]
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 [...]
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 [...]
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 [...]
San Antonio-based Valero Energy Corp. has discontinued operations in Delaware City after completing the sale of its terminal operation there to Delaware City Refining Company LLC and Delaware Pipeline Company LLC, wholly owned subsidiaries of PBF Energy Company LLC. Valero received total proceeds of $220 million from the sale. Valero had announced the sale of [...]
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. [...]