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

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.


Read Full Story

Markets

DJIA 25,706.68 -91.74 -0.36%
NASDAQ 7,642.70 -2.79 -0.04%
NIKKEI 225 22,658.16 -182.96 -0.80%
HANG SENG 25,339.50 -122.76 -0.48%
DAX 11,723.21 8.18 0.07%
USD (per EUR) 1.15 0.00 0.04%
USD (per CHF) 0.99 0.00 -0.05%
JPY (per USD) 112.61 -0.01 -0.01%
GBP (per USD) 1.31 0.00 0.04%