JCP Investment Sends Letter to Shareholders of Casey's General Stores
January 03, 2018 at 07:00 pm IST
Share
On January 3, 2018, JCP Investment Management, LLC, BLR Partners LP and Joshua E. Schechter, announced that Casey's General Stores, Inc.'s shares are significantly undervalued as they do not reflect the true earnings power and full real estate value of the Company's irreplaceable fleet of 2,000+ stores. JCP Investment added that it has previously engaged with management regarding its concerns with the Company's returns on invested capital and capital allocation. JCP Investment added that the Company no longer delivers best in class returns as measured by either operating metrics or share price performance. In addition, JCP Investment stated that the Company’s board should immediately engage a financial advisor to explore all strategic alternatives, including a potential sale, merger or similar transaction in order to maximize shareholder value.
Caseyâs General Stores, Inc. is a convenience retailer and pizza chain in the United States. The Company operates convenience stores primarily under the names Casey's and Caseyâs General Store throughout 17 states, over half of which are located in Iowa, Missouri, and Illinois. All convenience stores carry a broad selection of food items (including, but not limited to, freshly prepared foods such as regular and breakfast pizza, donuts, hot breakfast items, and hot and cold sandwiches), beverages, tobacco and nicotine products, health and beauty aids, automotive products, and other nonfood items. Its GoodStop and Lone Star Food Store branded stores offer fuel for sale on a self-serve basis, and a broad selection of snacks, beverages, tobacco products, and other essentials. It operates three distribution centers, through which certain grocery and general merchandise and prepared food and dispensed beverage items are supplied to its stores. It operates over 2,600 convenience stores.
CASEY'S GENERAL STORES, INC. 
