CASY Rejects ANCUF's Buyout Offer

Casey's General Stores CASY has rejected the buyout offer of $38.50 per share placed by Alimentation Couche-Tard Inc ANCUF. CASY noted that the offer "substantially undervalues Casey's." CASY also mentioned that the offer comprises of at least 5 conditions that the company considers as "negative." Casey's said in a letter sent to Couche-Tard's Chief Executive Alain Bouchard, "You have given no indication as to whether you intend to waive or withdraw any of these conditions. This unusual and extensive level of conditionality concerns us because it means that Couche-Tard can simply walk away from its offer at any time, without purchasing any tendered shares." Casey's has also received a $40 per share offer from a third party. The Wall Street Journal identified 7-Eleven as the latest bidder. Shares of CASY gained 0.48% to $44.19 at 1:57 pm. Read more from Benzinga's Company news.