Alimentation Couche-Tard offer for Casey’s General Stores expires, Canadian company walks away

Couche-Tard offer for Casey’s expires

PORTLAND, Ore. — The offer for Casey’s General Stores Inc. from the Circle K convenience chain’s Canadian operator has expired, and Alimentation Couche-Tard Inc. is abandoning its effort to buy Casey’s.

Couche-Tard has been trying to buy Casey’s since April, but the midwest convenience chain rejected all its offers, including the most recent, of $2 billion, or $38.50 per share. Casey’s said Alimentation Couche-Tard’s offers undervalued the company.

Competitor 7-Eleven was offering $2.04 billion, or $40 per share, and Casey’s has said it is continuing talks with 7-Eleven.

Last week, Casey’s shareholders rejected a slate of board candidates nominated by Couche-Tard. Instead, they re-elected Casey’s existing board.

Shares of Casey’s, which is based in Ankeny, Iowa, fell 51 cents to close at $41.75 and fell 24 cents in after-hours trading.