Casey's CEO on Couche-Tard's "hostile" bid: “Couche-Tard is trying to acquire U.S. companies on the cheap.”

 

Couche-Tard says it's offering 7.4X EBITDA multiple, an average $1.3 million per store prices. Total cost: about $1.84 billion.

 

So what do you think? Who's the winner, should this deal happen with these numbers?

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CSP Daily News Poll results:
In your opinion, would Couche-Tard's takeover of Casey's General Stores be good or bad for the convenience store industry?

Good. 31 Votes 20.9%
Bad. 75 Votes 50.7%
Neither good nor bad. 42 Votes 28.4%
Total Votes: 148 Votes
From a foodservice perspective these two companies could not be more polar opposites. No offense to Circle K but what they deem foodservice Casey's would laugh at. So I guess from my (quite selfish) view the vote is 'Bad.' But on a larger scale I'm not sure what the implications are.
I believe that if this happens it will be the beginning of a major industry consolidation.
I guess I look at it from the angle of the dynamics of the industry as a whole. The c-store industry is among the most "sharing" retail channels that there is. Will this "hostile takeover" effort draw some bad blood, whether it gets done or not? Will retailers share less, fearing their information will make them more vulnerable?

Today Couche-Tard officially submitted its slate for election to the Casey's Board of Directors--http://bit.ly/13AABc. I guess the whole issue is in Casey's investors' hands now.
Casey's says Couche-Tard is using "questionable tactics" in its acquisition effort: http://www.cspnet.com/ME2/Audiences/dirmod.asp?sid=&nm=&typ...

A WSJ post agrees, but says the tactics are not unusual: http://online.wsj.com/article/SB10001424052748703302604575295111176...
Couche-Tard's Bouchard' talks tough, says Casey's is "misleading, distracting" its shareholders: http://bit.ly/aSy6ix #cspnet
Somewhat surprised to see Couche-Tard scrap Casey's bid. Refusal to negotiate finally forces C-T's hand: http://bit.ly/b5cQbo

Others' thoughts? Was the writing on the wall?
Casey's stock price drops $2 a day after Couche-Tard pulls offer off table: http://bit.ly/a8znQE #cspnet

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