7-Eleven Bids $2 Billion for Casey's General Stores

By Dan Burrows Posted 4:53PM 09/08/10 Company News, Investing, Biz Brief, Stocks in the News

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Convenience-store chain 7-Eleven offered $40 a share, or $2.03 billion, to acquire competitor Casey's General Stores (CASY), topping a hostile bid made months earlier by Canada's Alimentation Couche-Tard (ATD.B), according to a report in The Wall Street Journal.

Casey's said Tuesday that it received an unsolicited bid on Sept. 2 from an unnamed suitor, which was sufficient to enter into negotiations, the WSJ reported. Shares in Casey's spiked more than 2% before the final bell, but closed up just 38 cents, or less than 1%, at $43.14.

Casey's stock is up more than 30% since mid-March, while Couche-Tard has gained about 7%. The 7-Eleven chain is part of privately held Seven-Eleven Japan Co.

Tagged: 7-Eleven, acquisitions, Caseys, Caseys General Stores, Couche-Tard, deals, hostile bid, investing, mergers, stocks

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abenzrite

well, the coffee sucks, thats for certain,,,

September 10 2010 at 2:33 AM Report abuse Permalink rate up rate down Reply

Andy

7-11 japan????????????? well, i didn't know that. it is enough that half or more of the cars in the U.S. are jap. 7-11 won't be seeing me again. there are more convenience stores than 7-11. buy American, this may be one of times you actually can.

September 09 2010 at 10:40 PM Report abuse Permalink +1 rate up rate down Reply

Shirley

7-11 is ripping the franchise purchasers off. Numbers reported are not actual numbers (inflated) and I know personally that good store merchandise is being thrown out in dumpsters when a corp. store is about to change hands to a franchise owner, at least that is how it is in Central FL 7-11 treats their employees poorly and are not much better toward the franchise owners. It will be sad to see Circle-K be taken over by 7-11. I avoid 7-11 every chance I can and encourage others to do the same!

September 09 2010 at 6:53 PM Report abuse Permalink +3 rate up rate down Reply

Shirley

September 09 2010 at 6:53 PM Report abuse Permalink rate up rate down Reply

littlecitypunk

Who goes to 7/11 and what do they have. Every time I have been there maybe twice in 2 years. I just cant understand how they make money.

September 09 2010 at 6:09 PM Report abuse Permalink rate up rate down Reply

1 reply to littlecitypunk's comment

captaincvfd

Its The Slurppys Dude

September 09 2010 at 6:52 PM Report abuse Permalink +1 rate up rate down Reply

KEEF

There go's the caseys pitza which is better than most pitza parlors like papa johns !!!!!

September 09 2010 at 5:06 PM Report abuse Permalink rate up rate down Reply

what the fuck

Couche-Tard is the owner of Circle K corp.

September 09 2010 at 3:38 PM Report abuse Permalink rate up rate down Reply

Pllc15

Seven-11 owned by the Japanese with more outlets worldwide than McDonalds with 38,000. The U.S. company was bailed out from bankruptcy by their Japanese franchisee in 1987 after the stockmarket crash, I remember. Fate has its ironic moments.

September 09 2010 at 11:40 AM Report abuse Permalink rate up rate down Reply

Angela

7-Eleven has $2 billion dollars??? I wonder what a Slurpee costs these days!

September 09 2010 at 11:19 AM Report abuse Permalink +4 rate up rate down Reply

twolfe

A fter 32 years in the C-store business I have seen companys come and go. I think it is time for 7-11 to go. When you franchise to type of people the do your stores will be nothing but s--tholes.We can only blame are selves because we are stupid enough to shop in them!

September 09 2010 at 11:08 AM Report abuse Permalink rate up rate down Reply