Casey's Board Recommends Rejection of Couche-Tard's Tender Offer

The unsolicited offer substantially undervalues Casey's and attempts to transfer significant value that rightly belongs to the retailer's shareholders.

June 09, 2010

ANKENY, Iowa - The board of directors of Casey??s General Stores, Inc., voted Monday to recommend that Casey??s shareholders reject Alimentation Couche-Tard Inc.??s $36 per common share cash tender offer, as it substantially undervalues Casey??s and is not in the best interests of Casey??s, its shareholders and other constituencies. The company filed today a Schedule 14D-9 with the Securities and Exchange Commission detailing the reasons for its rejection of Couche-Tard??s offer.

"Our board??s position is clear ?" shareholders should reject Couche-Tard??s offer and not tender their shares," said Robert J. Myers, Casey??s president and CEO. "We believe this is a self-serving and transparent attempt by Couche-Tard to take significant value that rightly belongs to Casey??s shareholders. We believe our shareholders will reap far greater value from our industry leading performance, significant growth opportunities, successful execution of our strategic initiatives, strong balance sheet and real estate position, and the benefits of our highly differentiated business model and well-regarded self-distribution system."

Commenting on Couche-Tard??s formal notice of its intention to nominate nine individuals for election to Casey??s board of directors at the company??s 2010 annual meeting, Myers said, "This is clearly an attempt by Couche-Tard to gain control of Casey??s and force through its inadequate proposal to acquire the company."

Casey??s is continuing to seize significant growth opportunities, including the expansion of its business and geographic footprint through strategic acquisitions and new store openings, improved store economics from its new store design, store replacement and remodel program, and its proven ability to successfully implement price increases.

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