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If $38 is enough for half of Casey's share- holders, $38.50 may put Couche-Tard over top
LAVAL, Quebec -- Call it negotiating without ever speaking. What looked like a nail in the coffin may actually have given Alimentation Couche-Tard the monetary insight it needed to advance its effort to purchase the Midwest convenience store chain.
This past week, Casey's General Stores agreed to buy back 25% of its outstanding shares for $38 per share; however, the offer led shareholders to tender nearly half the company's stock, a result that clearly showed Couche-Tard what price investors consider fair. Thus, Couche-Tard countered yesterday—as reported in a Morgan Keegan/CSP Daily News Flash—by boosting its tender offer from $36.75 to $38.50 per share.
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Couche-Tard's extended bid for Casey's expires, but has its acquisition plan?
LAVAL, Quebec -- Alimentation Couche-Tard Inc. is expected to face tough questions at its annual shareholders meeting Tuesday about the convenience store chain's $1.9 billion hostile bid for Casey's General Stores Inc., reported the Canadian Press. The Canadian company's $36.75 per share offer expired Monday at 5:00 p.m. EST.
Laval, Quebec-based Couche-Tard could once again extend its $36.75 offer should it fail to acquire enough shares in the Ankeny, Iowa-based convenience store chain, said the report.
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| Noncompete clause at center of suit
STATE COLLEGE, Pa. -- J.J. Powell Inc., parent company of Snappy's convenience stores, has filed a lawsuit alleging that despite a 2008 court ruling enforcing a noncompete clause in its lease, developers have continued to advance a project that would include construction of a Sheetz station with six gasoline pumps, a Northwest Savings Bank branch, and a multiretail space, reported The Centre Daily Times.
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 | 9/2/2010 12:00:03 AM If $38 is enough for half of Casey's shareholders, $38.50 may put Couche-Tard over top
| | 9/1/2010 12:00:02 AM Shares tendered drop to about 1% as Casey's offer pushed to September 30
| | 8/31/2010 12:00:03 AM Couche-Tard's extended bid for Casey's expires, but has its acquisition plan?
| | 8/30/2010 12:00:01 AM Top retailers talk reconnecting, profitability, conversion
| | 8/30/2010 Noncompete clause at center of suit
| | 8/27/2010 12:00:03 AM "Dutch auction" gives chain edge in "lowball hostile takeover" bid from Couche-Tard
| | 8/27/2010 12:00:02 AM Capital constraints mean 23 new c-store, QSR sites on market in Arizona, Texas
| | 8/26/2010 12:00:03 AM Acquisition-focused Mid-Atlantic C-Stores picks up 58 Va., Md. ExxonMobil sites
| | 8/26/2010 12:00:02 AM Online bidding open for about 50 convenience store locations
| | 8/26/2010 Also ranked second among private companies in York County
| | 8/25/2010 12:00:03 AM Couche-Tard expected to seek other U.S. takeover candidates if Casey's bid fails
| | 8/25/2010 12:00:02 AM 7-Eleven, Kum & Go, Road Ranger among retailers, distributors making Inc. 5000 list
| | 8/25/2010 12:00:01 AM Outlook panel says multiples back to 'normal,' talk deal making
| | 8/25/2010 $40 million rights offering for up to 4,000,000 shares
| | 8/25/2010 Earnings up on merchandise sales, U.S. fuel gross margin, same-store fuel volume
| | 8/24/2010 12:00:03 AM Countering Couche-Tard's courting of shareholders in quest to acquire chain
| | 8/24/2010 12:00:01 AM Fox News personality talks politics, economy at start of Outlook conference
| | 8/24/2010 Three locations in N.M. closed over lack of workers' compensation insurance
| | 8/23/2010 12:00:03 AM Open houses to show that Ever-Ready Oil ready for offers
| | 8/23/2010 12:00:02 AM Report dissects store woes, bankruptcy saga, Senate candidate's challenges
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