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ANKENY, IOWA – Casey’s General Stores, Inc. confirmed on Thursday afternoon that it has entered discussions with Dallas-based 7-Eleven, Inc., regarding a potential transaction. According to the company, on September 2, 2010, Casey’s board 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 September 7, the September 2, proposal was the first contact made by 7-Eleven to Casey's regarding a potential transaction. While the Casey’s reviewed the proposal and firmly believes that Casey’s value substantially exceeds $40 per share, it has authorized discussions with 7-Eleven to explore whether a transaction can be reached that reflects the true value of Casey’s and is in the best interests of Casey’s, its shareholders and other constituencies. Casey’s noted that there can be no assurances that a transaction will be reached and that it is under no legal obligation to provide an update on the discussions.
Goldman, Sachs & Co. is acting as financial advisor to Casey’s, and Cravath, Swaine & Moore LLP and Ahlers & Cooney, PC are providing legal advice.