Casey's Completes Financing for Recap Plan

Casey's General Stores has completed a private debt placement designed to finance a $500 million recapitalization that it hopes will turn away a hostile takeover.

ANKENY, Iowa — Casey's General Stores has completed a private debt placement designed to finance a $500 million recapitalization that it hopes will turn away a hostile takeover.

As previously announced the convenience store operator said it would buy up to $500 million of its own stock at prices up to $40 per share in part to head off a tender offer from Canadian rival Alimentation Couche-Tard for all of Casey's shares at a lower price.

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