Casey’s Announces Preliminary Results of “Dutch
auction” Self Tender Offer
Casey’s Expects to Accept for Payment Approximately 13.2 Million Shares at $38.00 Per Share
August 26, 2010 08:03 AM Eastern Daylight Time
ANKENY, Iowa--(EON: Enhanced Online News)--Casey’s General Stores, Inc. (“Casey’s” or the “Company”)
(NASDAQ: CASY) today announced the preliminary results of its modified “Dutch auction” self tender offer (the
“Offer”), which expired on August 25, 2010 at 12:00 midnight New York City time.
Based on the preliminary count by the depositary for the Offer, a total of approximately 28.2 million shares were
validly tendered at the minimum purchase price of $38.00 per share, including 14.0 million shares that were tendered
through notice of guaranteed delivery. Assuming that all guaranteed delivery shares are ultimately delivered, the
Company expects to purchase a pro-rated amount of 47% of shares from each tendering stockholder, but all shares
purchased in the Offer will be purchased at the same price. As such, Casey’s expects to accept for payment an
aggregate of approximately 13.2 million shares of its common stock at a purchase price of $38.00 per share, for a
total cost of approximately $500 million, excluding fees and expenses related to the Offer. The approximately 13.2
million shares expected to be purchased in the Offer represent approximately 25.8% of Casey’s shares outstanding
as of July 23, 2010.
Robert J. Myers, Casey’s President and Chief Executive Officer, said, “Our recapitalization plan was successful on
every level. It has provided the Company with an opportunity to purchase a significant number of shares at an
attractive price and has allowed shareholders who held their shares to benefit from the significant long-term value of
owning a larger percentage of Casey’s. The financing at a fixed rate of 5.22% for ten years has allowed us to benefit
from historically low interest rates and will drive EPS accretion. We continue to believe that our stock is undervalued
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