Casey’s Announces $500 Million Recapitalization
Plan
Repurchase of Undervalued Casey’s Stock in Highly Accretive Transaction Will Generate Significant
Value for Shareholders
Business Continues to Outperform and Growth Initiatives Remain on Track
Board Rejects Slightly Revised Couche-Tard Offer of $36.75 Per Share as Inadequate
July 28, 2010 08:14 AM Eastern Daylight Time
ANKENY, Iowa--(EON: Enhanced Online News)--Casey’s General Stores, Inc. (“Casey’s” or the “Company”)
(NASDAQ: CASY) today announced that its Board of Directors has unanimously approved a $500 million
recapitalization plan for the Company and has reaffirmed its strategy to continue to execute upon its growth plan. The
recapitalization plan will be executed through a modified “Dutch auction” self tender offer (the “Offer”) for up to
$500 million of the Company’s common stock at a price of $38.00 to $40.00 per share, and will be funded by a
combination of debt financing and available cash. Casey’s believes that the recapitalization plan:
l Will generate significant value for Casey’s shareholders;
l Will be highly accretive to its diluted earnings per share at all prices in the Offer range;
l Will allow shareholders to continue participating in the Company’s substantial upside; and
l Is financially prudent given the Company’s strong balance sheet and careful use of capital.
Robert J. Myers, Casey’s President and Chief Executive Officer, said, “We are pleased to announce a $500 million
recapitalization plan that will generate significant value and enhanced returns for Casey’s shareholders while allowing
us to continue executing on our strategic growth initiatives. The Casey’s Board believes our stock is meaningfully
undervalued at recent trading levels and that the Company is underlevered given Casey’s strong balance sheet and
consistent cash flow. The repurchase of approximately 25% of Casey’s outstanding shares in this highly accretive
transaction is very compelling. Moreover, we are excited about our prospects and