Casey's Share Price Falls After Couche-Tard Drops Bid, 7-Eleven Now Frontrunner

Canadian convenience-store operator Alimentation Couche-Tard has let its tender offer for US-based Casey's General Stores expire, and said that it has ended its pursuit of the firm. Alimentation Couche-Tard said it still believed that its US$38.50 per share cash tender offer was the most attractive strategic alternative available to Casey's shareholders and that it had withdrawn its offer due to 'Casey's board's repeated refusal to negotiate'. The announcement leaves the way open for 7-Eleven to pursue its acquisition of Casey's, but with only one bidder now in the running any eventual sale price may fail to meet investors' original expectations.

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