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Couche-Tard again extends offer for Casey’s

BY CSA STAFF

New York City Alimentation Couche-Tard extended its $1.9 billion hostile offer for Casey’s General Stores again, even as essentially all stock previously tendered in favor of the deal has been withdrawn in the past month.

The month-long extension, to Sept. 30, is Couche-Tard’s third. The offer has steadily lost favor with investors who originally tendered 19.2% of shares when the bid was first extended. As of Aug. 30, only about 1.1% of outstanding shares of Casey’s had been tendered and not withdrawn.

Canada’s Couche-Tard is offering $36.75 per share for Casey’s General Stores, which has said that offer is too low. The company’s shares were trading up 11 cents just above $38 on Tuesday morning.

Meanwhile, Casey’s last week announced early results of a buyback offer that it launched as part of a recapitalization plan. The Dutch auction tender offer — under which shareholders chose to turn in shares for between $38 to $40 each — expired at midnight Wednesday.

Casey’s said last week that a total of 28.2 million shares were tendered at the minimum price of $38 per share. Casey’s expects to buy back about 13.2 million of the common shares for $38 apiece for a total cost of $500 million.

“Given that Casey’s is already creating more value than is reflected in the Couche-Tard offer and will deliver significant additional upside through execution of our business plan and strategic growth initiatives, we are not surprised that so few shares have tendered into Couche-Tard’s inadequate, highly conditional $36.75 per share offer,” Casey’s said on Tuesday.

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Kimball Office names director of architecture

BY CSA STAFF

JASPER, Ind. Kimball Office announced Georgy Olivieri as the new director of architecture and design strategies.

“Georgy’s strong relationships with the architecture and design community, and unique knowledge of creating sustainable environments, provide Kimball Office with the tools necessary to strengthen existing relationships and build new ones as well,” said Allen Parker, VP marketing and sales at Kimball Office. “Kimball Office’s product portfolio is expanding to further meet the changing demands of workplace environments, and Georgy’s experience will provide great insight into developing strategies that complement the needs of the design community.”

After spending time coordinating the national A&D efforts for Haworth and Teknion, Olivieri is returning to Kimball Office, which is where she previously worked as an A&D rep for seven years. “Exciting transformations are taking place at Kimball Office and the A&D community is taking notice. I look forward to sharing the company’s relevant, new solutions that will inspire designers and build strong awareness of the brand,” said Olivieri.

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Claire’s to launch exclusive ‘Glee’ line

BY CSA STAFF

CENTURY CITY, Calif. Twentieth Century Fox Consumer Products and Claire’s Stores, have announced a partnership to launch exclusive “Glee” Jewelry Collection and accessory lines. The program will kick-off Sept. 3 with the introduction of three fully-branded Glee pop-up shops in the Los Angeles, Chicago and New York Metropolitan areas. These pop-up shops will be followed by a rollout of the line to over 1,500 stores across the U.S., Canada, and Puerto Rico on Sept. 9.

Claire’s exclusive Glee Jewelry Collection will feature a wide selection of necklaces, bracelets, rings and earrings from H.E.R Accessories. Additional Glee accessories will include cosmetics, hats, armwear, legwear, wallets, handbags, stationery, novelty, pillowcases and posters.

Claire’s said it will help promote the line by transforming the “l” in its name to the index finger and thumb pose featured within the “Glee” logo.   

“The partnership bringing Claire’s and ‘Glee’ together makes perfect sense and we are so thrilled to be collaborating with Fox Consumer Products on this project,” says Gene Kahn, Chief Executive Officer of Claire’s Stores, Inc. “The process of creatively developing the exclusive product collection, as well as the pop-up shops will provide the loyal fans of Claire’s and ‘Glee’ with the opportunity to fully ‘Gleek’ out from head to toe.” 

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