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.
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