Couche-Tard appeals to Casey’s stockholders on its takeover bid; says willing to boost offer
By APThursday, September 16, 2010
Couche-Tard appeals to Casey’s shareholders on bid
NEW YORK — Alimentation Couche-Tard Inc. is going straight to the shareholders of Casey’s General Stores Inc., ignoring the convenience store operator’s rejection of its approximately $2.03 billion takeover offer and saying it’s willing to boost its bid further.
In an open letter to shareholders Thursday, Couche-Tard said it would consider raising its $38.50 a share offer if it is allowed to perform a confirmatory due diligence review of Casey’s.
Couche-Tard appealed to stockholders, explaining that its bid is not much lower than that of 7-Eleven Inc., which has offered $40 a share in cash, or $2.04 billion.
Couche-Tard says it has secured up to $1.5 billion in financing that will be combined with available funds to pay for the acquisition.
