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LAVAL, Quebec -- The previously announced tender offer by an Alimentation Couche-Tard Inc. subsidiary to acquire all of the outstanding shares of common stock of Casey's General Stores Inc. was extended this morning, and will now expire at 5 p.m. EST Aug. 6, 2010, unless the offer is further extended, the company announced.
The offer, for $36 per share in cash, was originally scheduled to expire at 12 a.m. EST July 9, 2010. All other terms and conditions of the tender offer remain unchanged.
As of the original expiration date, less than one-fifth (19.2 percent) of the company's shares were tendered to Couche-Tard and not withdrawn pursuant to the offer. This represents 9,792,196 shares of common stock of convenience store operator Casey's -- including 275,732 shares subject to guarantees of delivery.
Ankeny, Iowa-based Casey's General issued a statement on the extension, stating: “The low number of shares tendered reflects what Casey’s has heard from many shareholders – that this hostile, highly conditional offer is inadequate. The response of our shareholders to Couche-Tard’s tender offer speaks for itself. We believe that our shareholders recognize Casey’s industry-leading performance and superior value potential. The Casey’s Board reiterates its recommendation that shareholders not tender their shares into the offer.”
Credit Suisse Securities (USA) LLC is acting as financial advisor to Couche-Tard and dealer manager for Couche-Tard's offer. Dewey & LeBoeuf LLP and Nyemaster, Goode, West, Hansell & O'Brien, PC are acting as legal counsel. Innisfree M&A Inc. is acting as information agent for Couche-Tard's offer.
Goldman, Sachs & Co. is acting as financial advisor to Casey’s, and Cravath, Swaine & Moore LLP and Ahlers & Cooney, PC are providing legal advice.
Tender offer documents, were filed with the Securities and Exchange Commission, and shareholders of Casey's may obtain copies at www.sec.gov.