NEW YORK Reuters Caseys General Stores Inc CASY.O confirmed it was in buyout talks with convenience store operator 7-Eleven, which offered the company $40 per share in cash earlier this month.
The $2.03 billion offer topped a $38.50-a-share offered by Canadas largest convenience store chain, Alimentation Couche-Tard Inc ATDb.TO. Ankeny, Iowa-based Caseys had previously said there was a rival bidder to Couche-Tard, without naming it.
Caseys said its board "firmly believes that Caseys value substantially exceeds $40 per share" but has authorized discussions with 7-Eleven. Goldman Sachs & Co is its financial advisor, while Cravath, Swaine & Moore LLP and Ahlers & Cooney PC are providing legal advice, the company said.
Reporting by Ritsuko Ando;editing by Sofina Mirza-Reid
Posts
