Couche-Tard ends takeover attempt
Alimentation Couche-Tard Inc. has allowed its $38.50 a share tender offer for Casey’s General Stores Inc. to expire. Couche-Tard is based in Laval, Quebec, and is one of the largest U.S. convenience store operators. It has tried for the last year to negotiate a takeover with Casey’s board, but the Ankeny-based company rejected all overtures. On Sept. 23, shareholders re-elected Casey’s board over a slate of candidates presented by Couche-Tard. Also last month, Casey’s said it had entered into negotiations for a possible purchase by 7-Eleven Inc. at $40 a share. Casey’s has said that the 7-Eleven offer is too low.
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