Casey’s Sends Letter to Couche-Tard
Board Confirms $38.50 Per Share Offer Does Not Serve as Basis for Discussions
September 14, 2010 01:33 PM Eastern Daylight Time
ANKENY, Iowa--(EON: Enhanced Online News)--Casey’s General Stores (NASDAQ: CASY) announced
today that Robert J. Myers, President and Chief Executive Officer, sent the following letter on the behalf of Casey’s
Board of Directors to Alain Bouchard, President and Chief Executive Officer of Alimentation Couche-Tard Inc.
(TSX: ATD.A, ATD.B):
September 14, 2010
Mr. Alain Bouchard
President & Chief Executive Officer
Alimentation Couche-Tard Inc.
1600, St-Martin Blvd. East
Tower B, Suite 200
Laval (Quebec) H7G 4S7
Dear Mr. Bouchard:
I am writing in regards to your September 10th letter to the Casey’s Board of Directors. As an initial matter, the
Casey’s Board was surprised that you went public with the letter less than 24 hours after our September 9th phone
conversation before allowing me the opportunity to respond to your demand that Couche-Tard be afforded an
opportunity for discussions with Casey’s, as I indicated I would.
As we have disclosed in our public filings, our Board has thoroughly reviewed Couche-Tard’s $38.50 per share
offer and firmly believes that it substantially undervalues Casey’s and is not in the best interest of Casey’s, its
shareholders and its other constituencies. Our Board strongly believes in Casey’s ability to continue to deliver
significant value to its shareholders and, as such and in contrast to your numerous erroneous public statements, has
not determined that a sale transaction is in the best interests of Casey’s, its shareholders or its other constituencies.
The Casey’s Board takes its fiduciary duties very seriously and will continue to thoroughly evaluate any proposal that
Casey’s receives. We are, of course, willing to extend to an interested party the opportunity for discussions
regarding a potential consensual transaction, provided that the starting point for such discussions is acce