ANKENY, Iowa — Casey’s General Stores here said Thursday that its “Dutch auction” recapitalization offer netted about 25.8% of its shares for $500 million. The effort may help the c-store operator fend off an unsolicited takeover offer by rival Alimentation Couche-Tard.
“Our recapitalization plan was successful on every level. It has provided the company with an opportunity to purchase a significant number of shares at an attractive price and has allowed shareholders who held their shares to benefit from the significant long-term value of owning a larger percentage of Casey’s,” Robert J. Myers, Casey’s president and chief executive officer, said in a statement. A low financing rate to fund the purchase should also help earnings, he added.