Casey’s General Stores Inc. said Wednesday that it has dismissed a $43 per-share takeover bid from 7-Eleven Inc. and ended negotiations with the convenience store operator.

7-Eleven made an initial bid of $40 in September, which it later raised. Casey’s said the latest offer doesn’t reflect the value of the company in ending talks with 7-Eleven.

Casey’s, based in Ankeny, Iowa, has been the object of takeover offers as  convenience store industry tries to consolidate.

Canadian company Alimentation Couche-Tard, owner of the Circle K chain in the U.S., made several bids for Casey’s before Casey’s shareholders rejected a final $38.50 offer in September.

7-Eleven, based in Dallas, said it will continue to grow its base of stores without Casey’s and plans to add 300 stores in 2010 throughout the U.S. and Canada. The company operates, franchises or licenses more than 8,200 stores in North America.

Casey’s, meanwhile, has been increasing its base of stores. The company has more than 1,500 in the Midwest and said Wednesday it is acquiring up to 44 Kabredlo stores for an undisclosed sum. That follows the recent purchase of six Short Stop stores in Iowa and up to 19 On The Way stores in Illinois.

Shares of Casey’s rose more than one-third between April and October as investors anticipated an acquisition.

The shares fell $1.97, or 4.8 percent, to $39.48 in trading Wednesday.