Ankeny, Iowa-based Casey’s General Stores Inc. has filed with the Securities and Exchange Commission a definitive proxy statement and a letter sent to Casey’s shareholders from Casey’s President and CEO Robert Myers. The letter, dated Aug. 12, informed shareholders that Casey’s has nominated all of its directors for reelection and urged shareholders to vote for [...]
Casey’s General Stores Inc. has completed a private placement for $569 million of 5.22% senior unsecured notes due 2020. Casey’s plans to use the net proceeds from the offering to finance its previously announced recapitalization plan set to be executed through a modified “Dutch auction” self tender offer for up to $500 million in value [...]
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% [...]
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 [...]
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 [...]
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 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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
Ronald Lamb, Chairman of the Board and former CEO, of Casey’s General Stores Inc., passed away Friday, June 11, 2010 following a courageous battle with cancer. He was 74 years old. “Ron’s exceptional character and integrity influenced the lives of many people,” said Robert Myers, president and CEO of Casey’s. “His tireless work ethic and [...]