On June 2, 2010, Couche-Tard commenced a tender offer, through an indirect wholly owned subsidiary, to acquire all of the outstanding shares of common stock (including the associated preferred stock purchase rights) of Casey's for $36.00 per share in cash. The all-cash offer represents a 14% premium over the closing price of $31.59 per share of Casey's on April 8, 2010, the last trading day prior to the public disclosure of Couche-Tard's proposal, a 17% premium over the 90-calendar day average closing share price of Casey's as of April 8, 2010, and a 24% premium over the one-year average closing share price of Casey's as of April 8, 2010. The offer also implies a last 12 months (as of Jan. 31, 2010) EBITDA multiple of 7.4x and a price of $1.3 million per store, which compares favorably to corresponding metrics of publicly-traded companies and precedent transactions in the convenience store industry, according to Couche-Tard.