Casey's General Stores (CASY) announced Wednesday morning that its Board of Directors unanimously approved a $500 million recapitalization plan and reaffirmed its strategy to continue to execute upon its growth plan. The Board also unanimously recommended against Alimentation Couche-Tard Inc.'s slightly revised tender offer to acquire Casey's for $36.75 per common share.
Casey's General Stores gapped up sharply Wednesday and climbed during the first hour of trade. Shares finished higher by 1.36 at $37.86 on the highest volume in over 3 months. The stock closed at over a 2-month high.
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