Alimentation Couche-Tard Inc. has allowed its tender offer to acquire all of the outstanding shares of Casey’s General Stores Inc. for $38.50 per share in cash to expire at 5:00 p.m., New York City time, on Sept. 30, 2010. At the expiration of the offer, certain conditions to the offer had not been satisfied and…
Is Couche-Tard Out?
After Casey’s shareholders rejected Couche-Tard’s nominees for the board of directors last week, and instead reelected its standing board, analysts are weighing in on whether or not Couche-Tard is out of the game and whether 7-Eleven will come through with a bid. U.S. billionaire and hedge fund manager Steven Cohen, founder of SAC Capital Advisors…
Breaking News: Shareholders Reelect Casey’s Board
Casey’s General Stores Inc. today announced that, based on a preliminary vote count provided by its proxy solicitor, shareholders have reelected by a wide margin all eight of the company’s incumbent directors to Casey’s Board of Directors at the Company’s Annual Meeting held earlier today, Sept. 23. The incumbent directors include: Diane C. Bridgewater, Johnny…
Couche-Tard To Casey’s: Reveal Terms of 7-Eleven Bid
Alimentation Couche-Tard Inc. challenges Casey’s to announce any developments relating to 7-Eleven’s non-binding preliminary bid on Sept. 2, ahead of the 2010 Annual Meeting of Shareholders scheduled for Sept. 23. “We believe that disclosure of 7-Eleven’s preliminary, non-binding indication of interest is yet another attempt to obfuscate the choices that have been presented to the…
Couche-Tard Would Increase Offer
Alimentation Couche-Tard Inc. is again appealing to Casey’s shareholders ahead of this week’s annual shareholders meeting set for Sept. 23. It urged shareholders to consider the following when voting: “7-Eleven has not made a formal offer to acquire Casey’s. Unlike Couche-Tard’s $38.50 per share fully-financed cash premium offer to acquire all of the outstanding shares…
Quest Oil Corp. Develops Three Phase Plan
Kerrville, Texas-based Quest Oil Corp. at the request of its shareholders and in response to numerous inquiries to the company after its acquisition of B&B Oil, has released a corporate overview on recent company developments. “Since the acquisition of B&B Oil by Quest, my team has been actively preparing inventories, replacing stock items, hiring work…
Casey’s Confirms Discussions with 7-Eleven
Casey’s General Stores Inc. has officially confirmed that it has entered discussions with 7-Eleven Inc., regarding a potential acquisition. On Sept. 2, 2010, Casey’s received an unsolicited preliminary proposal from 7-Eleven regarding a consensual transaction at $40 per share in cash. As disclosed in Casey’s Schedule 14D-9 filed with the Securities and Exchange Commission on…
Couche-Tard Suggests That Casey’s Delay Annual Meeting
Alimentation Couche-Tard Inc. has sent a letter to the Board of Directors of Casey’s General Stores Inc. in response to the chain’s announcement that it has authorized discussions with 7-Eleven involving a possible acquisition after repeatedly rebuffing Couche-Tard’s offers for the company. In the letter, the company expressed its dismay with Casey’s refusal to discuss…
Couche-Tard Responds
Alimentation Couche-Tard Inc. today responded to the announcement by Casey’s General Stores Inc. that it had authorized discussions with a third party regarding a preliminary non-binding proposal to acquire Casey’s: “We are pleased that Casey’s is now in ‘revlon’ mode given that the Casey’s Board of Directors has finally made the decision to put the…
Couche-Tard Raises Bid
Alimentation Couche-Tard Inc. has increased its tender offer for Casey’s General Stores to $38.50 per share in cash, as Casey’s responds by advising its shareholders not to take any action as it reviews the revised bid. The revised offer of $38.50 is $0.50 per share higher than the price at which a majority of outstanding…