FINANCE

Casey’s says Couche-Tard broke securities rules in takeover fight

BY CSA STAFF

Ankeny, Iowa Convenience store operator Casey’s General Stores said Friday it has sued Alimentation Couche-Tard, saying the Canadian company, which operates the Circle K chain, violated U.S. securities laws by manipulating Casey’s stock price during the ongoing takeover war.

Couche-Tard bid $1.9 billion for the company in April, which Casey’s dismissed as too low and not in its best interest. Couche-Tard then took its bid directly to shareholders in June in a tender offer. Casey’s urged its shareholders to reject the deal.

Couche-Tard escalated the feud this month by announcing plans to nominate a slate of nine candidates to Casey’s board.

Casey’s complaint, filed in U.S District court in Iowa, alleges Couche-Tard bought nearly 2 million shares of Casey’s stock then announced its latest offer and sold the shares at a higher price on the same day. It also claims Couche-Tard manipulated the market by profiting from its own announcement and artificially depressing the run-up in stock price that typically follows the announcement of a takeover bid.

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Target to help raise awareness for summer food program

BY CSA STAFF

ST. PAUL, Minn. Target is sponsoring the 2010 Vikings Children’s Fund Summer Lunch Program, which helps raise awareness for the U.S. Department of Agriculture’s Summer Food Service Program campaign, created by Second Harvest Heartland.

Target, along with the Minnesota Vikings, has pledged $300,000 to the effort. The Vikings Children’s Fund Summer Lunch Program, Presented by Target, has already secured more than 40 additional Summer Food Service Program meal sites, bringing the total number of summer meal sites in Minnesota to more than 450, according to a press release.

 

“Target has long been involved in the fight to end hunger both locally and nationally,” said Laysha Ward, president, Community Relations with Target. “We are pleased to join with the Minnesota Vikings, Second Harvest Heartland and all of Minnesota’s Feeding America food banks in an effort to positively impact child hunger in Minnesota.”

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TRU sales up in Q1, but loss widens

BY CSA STAFF

WAYNE, N.J. Toys”R”Us reported that net sales for the first quarter of fiscal 2010 were $2.608 billion, an increase of 5.3% compared with $2.477 billion for the first quarter of fiscal 2009. Comparable-store net sales grew by 1.9% in the domestic segment, while comparable-store net sales declined by 1.4% in the international segment.

The company reported a net loss of $55 million for the first quarter of fiscal 2010, compared with a net loss of $35 million for the first quarter of fiscal 2009. 

“We are very pleased with our operating results for the first quarter, driven by the team’s continued discipline in planning and achieving sales increases, expense control and margin enhancement,” said Jerry Storch, chairman and CEO of Toys”R”Us. “As we move forward, our focus remains on delivering differentiated product offerings, providing unique value and exceptional service to our customers, and preparing our stores for the all-important holiday selling season.”

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