Casey's General Stores (NASDAQ:CASY) received an increased bid from Alimentation Couche-Tard (TSE:ATD) for $38.50/share. This was up from the previous bid of $36/share. Wall street analysts are saying that this bid grossly undervalues CASY and we should see much higher bids present themselves.
CASY States that it received a 40$/share offer from a mysterious third party bidder. Is CASY simply trying to trick bidders into paying a higher price? The Wall Street Journal believes this 40$/share bid is legit and sees CASY being sold for an even higher price than that. This whisper number on CASY's takeout price is US$2.45 Billion. This would value CASY shares at roughly $48/share. That represents a 12.5% increase from yesterday's closing price of $42.76.
