NEW YORK (
) -- Shares of
Casey's General Stores
spiked by more than 20% after convenience store operator
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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