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 24,207.16 141.57 0.59%
NASDAQ 7,034.69 10.86 0.15%
NIKKEI 225 20,402.27 -40.48 -0.20%
DAX 10,887.19 -44.05 -0.40%
HANG SENG 26,755.63 -146.47 -0.54%
USD (per EUR) 1.14 0.00 -0.11%
JPY (per USD) 108.87 -0.17 -0.15%
GBP (per USD) 1.29 0.00 0.15%
USD (per CHF) 0.99 0.00 0.32%