ANKENY, Iowa — Casey's General Stores on Wednesday said it has reached an agreement to acquire up to 44 convenience stores from Kabredlo's Inc., a convenience-store operator based in Lincoln, Neb.
The 44 stores include 22 in Nebraska, 21 in Kansas and one in Oklahoma. All of the locations will be converted to the Casey's General Stores brand, Casey's said in a release.
Kabredlo's stores generated $52 million in sales in the 12 months that ended June 30. A purchase price was not disclosed.
In a separate announcement Wednesday, Casey's said that discussions with a 7-Eleven on a potential takeover offer have ended without a deal. Casey's said 7-Eleven's offer of $43 per share in cash undervalued the convenience store operator.
Discussions with 7-Eleven began as Casey's fought off a series of hostile offers from Alimentation Couche-Tard, arguing they, too, undervalued Casey's and its future growth potential.