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updated: 3/1/2011 5:22 PM

Casey's General says it's in talks with 7-Eleven

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  • Traffic passes a Casey's convenience store sign in Des Moines, Iowa. Casey's General Stores said Thursday it is in talks with convenience store giant 7-Eleven about a possible buyout.

      Traffic passes a Casey's convenience store sign in Des Moines, Iowa. Casey's General Stores said Thursday it is in talks with convenience store giant 7-Eleven about a possible buyout.
    Associated Press

 

LOS ANGELES -- Casey's General Stores says it is in talks with 7-Eleven after receiving an unsolicited buyout offer from the convenience store operator.

Casey's said Thursday that 7-Eleven made the offer last week to buy the company that operates a chain of convenience stores in the Midwest for $40 a share in cash.

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Casey's says its board of directors believes the company is worth substantially more than what Dallas-based 7-Eleven Inc. is offering, but opted to continue talks.

Casey's recently rejected a buyout offer worth $2.03 billion from Canadian convenience store operator Alimentation Couche-Tard as too low but agreed to further talks with the company.

Casey's is based in Ankeny, Iowa.

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