Casey’s General Stores Board Unanimously
Rejects Unsolicited Proposal from Alimentation
Couche-Tard
Proposal Significantly Undervalues Casey’s and Not in the Best Interests of Corporation
April 09, 2010 10:00 AM Eastern Daylight Time
ANKENY, Iowa--(EON: Enhanced Online News)--Casey's General Stores, Inc. ("Casey's") (NASDAQ: CASY)
today announced that its Board of Directors reviewed, with the assistance of financial and legal advisors, an
unsolicited proposal received from Alimentation Couche-Tard Inc. ("Couche-Tard") (TSX: ATD.A, ATD.B) on
March 9, 2010 to acquire Casey’s for $36.00 per share in cash. The Board unanimously determined that the
proposal is not in the best interests of the corporation and informed Couche-Tard on March 29, 2010 that it had
rejected the proposal. Casey’s sent the following letter to Couche-Tard in response to Couche-Tard’s public letter
today.
Alain Bouchard
President and Chief Executive Officer
Alimentation Couche-Tard Inc.
1600, St-Martin Blvd. East
Tower B, Suite 200
Laval (Quebec) H7G 4S7
Dear Mr. Bouchard:
We are very disappointed that you have decided to launch a hostile public campaign regarding your unsolicited
proposal to acquire Casey’s for $36.00 per share in cash. As we previously informed you, our Board of Directors
takes its fiduciary duties very seriously and unanimously determined to reject your proposal after a thorough,
thoughtful evaluation of it in consultation with our financial and legal advisors. Your proposal significantly undervalues
Casey’s and is not in the best interests of the corporation. We are very excited about the many opportunities ahead
to continue growing our business and deliver superior value to shareholders.
Couche-Tard’s Opportunistic Proposal Is Attempting to Capture the Significant Current and Long-Term
Value That Rightly Belongs to Casey’s Shareholders
As you said in your note to me, we have a great brand and “a recipe that works.” We couldn’t agree more. Casey’s
is widely considered a best-in-class