Casey’s urges shareholders not to respond to Couche-Tard offer
Ankeny, Iowa The board of directors of Casey’s General Stores has urged shareholders not to respond to a tender offer from Canadian convenience store giant Alimentation Couche-Tard.
“Casey’s also noted Couche-Tard’s announcement of its intention to nominate a slate of candidates to stand for election to Casey’s board of directors at the company’s 2010 annual meeting,” the company said. “If and when Couche-Tard nominates directors, the board will evaluate the submission and candidates consistent with the company’s bylaws.”
Couche-Tard on Wednesday took its $36 per-share cash offer for Casey’s General Stores directly to shareholders in a tender offer after Casey’s rejected its bid in April.
Casey’s said in April the bid undervalues the company.
The new bid is worth $1.87 billion in total, excluding about $29 million in Casey’s debt. Couche-Tard also plans to nominate nine candidates for Casey’s board of directors.
In a statement, Couche-Tard CEO Alain Bouchard said it was “unfortunate” that Casey’s rejected the offer in April without any discussion or negotiation.
“We continue to believe that a combination of Casey’s and Couche-Tard is compelling and would deliver superior value to our respective shareholders, employees, business partners and other constituencies,” he added. “We are confident that the shareholders of Casey’s will recognize the seriousness of our interest and send a strong message to the Casey’s board that they should sit down with us immediately to negotiate a mutually acceptable transaction.”
Couche-Tard is one of the largest convenience store operators in North America, operating about 5,700 outlets under the Couche-Tard, Mac’s, Circle K, 7-jours, Dairy Mart, Daisy Mart, Beckers and Winks banners. The company is also the master franchise holder for Dunkin’ Donuts quick-service restaurants in Quebec. It operates more than 3,500 stores across the United States.
Casey’s operates about 1,500 stores.
Macy’s celebrates Pride month
NEW YORK Macy’s announced that it has celebrating Pride month with a multitude of in-store fashion events, advertising support, special tribute windows in select stores, gift registry booths for same-sex couples in key cities, as well as sponsorship and employee participation in Pride parades across the country.
“We are proud to support our LGBTQ employees and consumers through initiatives that recognize and honor our commitment to diversity and inclusion,” said Corliss Fong, Macy’s vice president of diversity strategies. “Macy’s remains a steadfast supporter of inclusiveness in all aspects of our business and we join in celebration with millions across the nation who live with pride and joy this June.”
GameStop announces exec promotions
GRAPEVINE, Texas GameStop has announced the promotion of existing executives into new positions within the company.
The promotions include: Daniel DeMatteo, executive chairman, from CEO; J. Paul Raines, CEO, from COO; Tony Bartel, president, from EVP merchandising and marketing; and Robert Lloyd, EVP and CFO, from SVP and acting interim CFO.
“I am pleased to congratulate the team along with our board on the execution of this succession plan that has been two years in the making,” indicated Dan DeMatteo. “Paul, Tony, Rob and Mike are filling key positions that will allow GameStop to continue its growth both here and internationally. This includes expansion into new markets and continued focus on strategic initiatives such as our new loyalty program, downloadable content (DLC) marketing and sales, and the evolution of GameStop.com into a robust digital platform.”