Casey's General Stores Places Bid for Kroger's C-Stores

Casey's General Stores Places Bid for Kroger's C-Stores

Des Moines, IA
Monday, January 29th, 2018

Since its October announcement, Kroger has explored different opportunities to sell its almost 800 convenience stores, reportedly worth $2 billion. Now, final offers are due in early February, and amongst those vying for the c-store chain is Casey’s General Stores Inc., which is working with an investment bank and submitted an initial bid, according to CNBC.

Kroger Convenience Store

This takeover of Kroger’s approximately 784 stores—operating under the banners Kwik Shop, Turkey Hill, and Tom Thumb and making about $4 billion in annual sales—could possibly alleviate pressure from Casey’s activist investors JCP Investment Management, BLR Partners, and Joshua Schechter to find strategic alternatives, such as a potential sale, since stocks were undervalued, reported Reuters.

Sources on these reports requested anonymity, as no announcements have been released on the possible sale.

Terry Handley, CEO, Casey's General StoresAs of January 26th, Casey’s shares closed at 2.7 percent at $127.73, and Kroger’s closed at 2 percent at $30.88, reported Reuters. According to CNBC, Casey’s CEO Terry Handley explained that the company would “further augment unit growth with acquisition opportunities.”

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Casey's General StoresKroger Co.

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