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Casey's Says $2B Rival Bid Tops Couche-Tard Offer

Law360 (September 7, 2010, 6:35 PM EDT) -- Casey's General Stores Inc. said Tuesday that it has received a preliminary proposal to sell the company for more than $2 billion, an offer that would best a hostile takeover bid from Canada's Alimentation Couche-Tard Inc.

Casey's said an unnamed “strategic third party” had offered $40 per share in cash, which is $1.50 a share more than Couche-Tard's Sept. 1 offer of $38.50 per share.

Casey's said it believes the new offer is still not enough but that its board of directors has authorized discussions with...
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