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The Dallas Morning News reports that it has been officially confirmed that 7-Eleven has submitted a $2 billion bid to acquire Casey’s General Stores’ 1,531 stores in the midwest. The $40 per share bid trumps a $38.50 bid by Canada’s Alimentation Couche-Tard, which has been rejected by the Casey’s board.

The battle is shaping up to be a battle of c-store titans; 7-Eleven had $13.7 billion in sales last year, and Couche-Tard's U.S. sales were $12.8 billion, the Morning News writes.

Casey’s annual shareholder meeting is scheduled for September 23, though Couche-Tard - which is putting up its own slate for election - has asked that it be delayed. Casey’s has said to this point that both offers undervalue the company, and that its analysts believe that the company should fetch $45 per share.
KC's View:
If Casey’s board’s intention was to create a bidding war that would drive the price up, then it has to be said at this point that it has been successful. It seems inevitable that Casey’s is going to get sold, and probable that the price is going to be closer to $45 per share than the $36 per share that Couche-Tard originally bid to get this whole thing rolling.