The wrong tail

3 November 2010 By Jeffrey Goldfarb Follow @jgfarb

Convenience store chain Casey s and American Idol owner CKX couldn t strike deals despite multiple suitors. HSBC abandoned Nedbank and wouldbe buyers of Potash, Genzyme and Dynegy seem reluctant to dig deeper. Cheap money can t seem to overcome boards afraid to be wrong.

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Casey's General Stores said on Nov. 3 that it had received an offer of $43 a share from 7Eleven but decided it did not reflect the company's value and that it was no longer in discussions with the rival convenience store chain. Casey's had previously received an unsolicited takeover bid from Alimentation CoucheTard.

CKX, owner of American Idol and the rights to the names and likenesses of Elvis Presley and Muhammad Ali, said on Oct. 27 it was no longer in talks to sell the company, or a controlling stake, after it had been contacted by a number of interested parties.

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