Casey’s confirms in buyout talks with 7-Eleven
New York City Casey’s General Stores confirmed Thursday it is in talks with 7-Eleven after receiving an unsolicited buyout offer from the convenience store operator.
Casey’s said 7-Eleven offered last week to buy the company for $40 a share in cash, or $2.04 billion.
Casey’s board of directors believes the company is worth substantially more than what 7-Eleven is offering, but opted to continue talks. Goldman Sachs & Co is acting as 7-Eleven’s financial advisor, while Cravath, Swaine & Moore LLP and Ahlers & Cooney PC are providing legal advice.
Earlier this week, Casey’s said it had received a $40-per-share offer from a third party it did not name. On Wednesday, various reports named 7-Eleven as the bidder.
Casey’s is also being courted by Canadian convenience store operator Alimentation Couche-Tard, which owns the Circle K brand in the United States. During the past five months, Casey’s has rebuffed several offers from the company.
Acquiring Casey’s would expand 7-Eleven’s reach in North America. There are more than 7,100 7-Eleven stores in the United States and Canada. Casey’s operates 1,531 stores.
Casey’s will hold its annual stockholders’ meeting Sept. 23.
Toys’R’Us expands Express initiative for 2010 holiday season
WAYNE, N.J. Following the successful pilot program of its pop-up stores last year, Toys“R”Us announced Thursday the expansion of its Toys“R”Us Express stores, with plans to operate 600 locations in malls and shopping centers nationwide during the 2010 holiday season.
The major expansion of the Toys“R”Us Express initiative will double the number of Toys“R”Us locations available for holiday shopping needs, the company said. Last year, the company operated its first pop-up stores with nearly 90 Toys“R”Us Express locations across the country, many of which have remained open through 2010. This year, Toys“R”Us will open more than six times the amount of these approximately 4,000-sq.-ft. locations.
“By doubling the number of Toys“R”Us locations nationwide, now more than ever we will be available when and where customers want to shop with us this holiday season,” said Jerry Storch, chairman and CEO, Toys“R”Us. “We are pleased that this significant expansion of our Toys“R”Us Express initiative also creates thousands of new jobs beyond our usual seasonal workforce build.”
Target declares quarterly dividend
MINNEAPOLIS Target’s board of directors declared a quarterly dividend of 25 cents per share, payable Dec. 10 to shareholders of record Nov. 20.
The fourth quarter dividend will be the company’s 172nd consecutive dividend paid since October 1967 when the company became publicly held.