epay, a division of Euronet Worldwide Inc. and a prepaid and payments processor in the U.S., is integrating with Radiant Systems to offer its prepaid and payments program through the Radiant Point of Sale for Petroleum and Convenience Retail. The Spinx Co. headquartered in Greenville, S.C., was the first retailer to transact on this newly [...]
Interchange relief became a reality today as President Obama signed the financial services reform bill into law. The new law contains Senator Richard Durbin’s swipe fee amendment, which is expected to result in lesser debit card interchange fees and bring critical financial relief to retailers and consumers while promoting greater competition within the credit card [...]
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, [...]
The convenience and petroleum retailing industry are now celebrating the end of a nearly 10-year battle to rein in interchange fees. Yesterday, July 15, the U.S. Senate voted 60 to 39 in support of the financial reform package known as the Dodd-Frank Bill that contains the crucial interchange amendment, NACS reported. Thursday’s vote was the [...]
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, [...]
After receiving a recent $30,000 rebate from BP Corp., Taylor, Mich.-based Atlas Oil Co. is considering investing in capital improvements and image building for its network of BP gas station retailers affected by customer boycotts, following the Gulf of Mexico oil spill, Crain’s Detroit Business reported. Atlas is a fuel distributor to about 70 BP [...]
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 [...]
Assistant Senate Majority Leader Dick Durbin (D-IL) and key conferees have reached an agreement on the Wall Street reform bill, regarding his amendment regulating interchange fees, NACS reported. The agreement makes minor, clarifying changes to the language, which passed the Senate 64 to 33 on May 13, and responds to concerns raised by state governments [...]
On Monday night, June 21, 2010, the New York Legislature narrowly agreed to increase the state’s tax on cigarettes. The tax is now set to grow by an additional $1.60-to a national-high $4.35 a pack, the New York Daily News reported. When adding in city and federal taxes, the tax charged on one pack [...]
More than 50% of U.S. consumers told The Nielsen Company they are likely to shop elsewhere if they notice a reduced selection of consumer packaged goods (CPG), while nearly half of retailers indicate continued plans to decrease assortment. So far, most consumers haven’t observed assortment changes with only 7% reporting a noticeable reduction in product [...]
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. [...]
A Closer Look at Who’s Trading Down According to Mintel International, 80% of smokers polled said it’s worthwhile to have a quality cigarette, which is contributing to sales of premium cigarettes. Other factors influencing sales include: • 51% of smokers have one preferred brand they always like to buy. • Less than 2% of smokers [...]
Susser Holdings Corp. released its first quarter results, reporting that same-store merchandise sales for the first quarter of 2010 increased by 2.5%, compared with a 1.2% decline for the fourth quarter of 2009 and growth of 6.0% during the first quarter of 2009. Retail merchandise margin was flat versus the fourth quarter at 32.7%, and [...]
Delek US Holdings Inc., a diversified energy company with assets in the petroleum refining, marketing and retail industries, announced its financial results for the first quarter of 2010. For the three months ended March 31, 2010, Delek US reported a net loss from continuing operations of $14.1 million, or ($0.26) per basic share, versus a [...]