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Wednesday, September 15, 2010

Casey's looking for higher bid

Casey's General Stores announced Tuesday that it has agreed to talk with Alimentation Couche-Tard if they wish to raise their takeover offer. Couche-Tard's bid is currently $38.50/share. 7-11 offered $40.00/share so Couche-Tard has to step it up a notch if they want to seal the deal.

Shares if CASY are trading over $44/share suggesting investors believe a higher takeover bid is likely. Alimentation Couche-Tard owns and operates 5800 convenience stores in Canada and trades at CAD$23/share on the Canadian exchange. Casey's owns and operates over 1500 in the United-States.