US convenience operator Casey’s General Stores and larger rival 7-Eleven have ended two months of takeover talks.
7-Eleven, the US arm of Japanese retailer Seven & I Holdings, made an initial bid for Casey’s in September, offering $40 per share, which was rejected. However, Casey’s gave 7-Eleven the opportunity to enter into further negotiations.
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Today (3 November), Casey’s announced that 7-Eleven had made a revised proposal for US43.00 per common share in cash.
Nevertheless, the Casey’s board of directors and advisers claimed the higher offer did “not reflect the value of Casey’s and its significant growth opportunities”, the company said.
Canadian retailer Couche-Tard also attempted to acquire Casey’s earlier this year through a hostile takeover. The Canadian chain walked away from its six-month attempt last month.
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