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New York City 7-Eleven is the unnamed suitor that trumped Alimentation Couche-Tard's bid for Casey's General Stores, according to Bloomberg. The U.S. convenience store operator is offering $40 a share, or approximately $2 billion, to acquire Casey’s. The bid tops the $38.50 per share offered by Canadian convenience store giant Alimentation Couche-Tard, which has been trying to acquire Casey's for the past five months.
The 7-Eleven offer is an all-cash deal and fully financed, the Bloomberg report said, which cited people close to the matter who declined to be identified because the talks are in progress.
Casey's said on Tuesday it had received an unsolicited, nonbinding offer on Sept. 2 from an unnamed party and it was entering into talks. In a statement, Casey’s said while the offer isn't sufficient to finalize a deal, it is willing to begin talks to explore a potential sale, it said in a statement.