Couche Tarde raises buyout offer for Casey’s to $38.50 per share in latest acquisition effort
By APWednesday, September 1, 2010
Couche Tarde raises buyout offer for Casey’s
NEW YORK — Convenience-store operator Alimentation Couche-Tard is raising its bid for Casey’s General Stores to $38.50 per share in its latest effort to win over shareholders.
Canada’s Alimentation Couche-Tard Inc. had previously offered $36.75 per share, but Casey’s said that is too low.
The latest offer, announced Wednesday, is valued at about $1.47 billion, excluding about $528 million in Casey’s debt.
Couche-Tard on Tuesday extended its hostile bid through Sept. 30. The offer has steadily lost favor with investors who originally tendered 19.2 percent of shares when the bid was first extended.
Casey’s is based in Ankeny, Iowa.
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