Casey's Spikes on Buyout Offer

Casey's General Stores is surging following a buyout offer from a fellow convenience store operator.
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NEW YORK (

TheStreet

) -- Shares of

Casey's General Stores

(CASY) - Get Report

spiked by more than 20% after convenience store operator

Alimentation Couche-Tard

offered to buy the company for $36 a share.

The all-cash offer represents a 14% premium over Casey's shares closing price on Thursday of $31.59.

Couche-Tard operates 600 Circle K convenience stores in the U.S. and more than 5,400 Mac's stores in Canada.

Shares of Casey's were trading Friday morning at $38.75, up $7.16, or 22%, on volume of 11 million shares. Average daily turnover is about 340,000 shares.

-- Reported by Jeanine Poggi in New York.

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