ANKENY, Iowa (AP) – Casey’s General Stores says it has dismissed a $43 per-share takeover bid from Dallas-based 7-Eleven Inc. and ended negotiations with the convenience store operator.
7-Eleven’s initial bid was $40, but Casey’s said Wednesday that the latest offer doesn’t reflect the value of the company, and it said it has ended talks with 7-Eleven.
The midwest convenience store operator has been the object of several takeover offers.
Casey’s shareholders rejected a final $38.50 bid from Canadian company Alimentation Couche-Tard in September.
Shares of Casey’s rose more than one-third between April and October as investors anticipated an acquisition.
They fell 4.4 percent to $39.63 in trading Wednesday.
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