ANKENY, Iowa — The board of directors of Casey’s General Stores here on Wednesday urged shareholders in the convenience chain not to respond to a tender offer from Canadian counterpart Alimentation Couche-Tard.
Couche-Tard on Wednesday made an offer to buy the outstanding shares of Casey’s for $36 a share — the same price Casey’s board had already rejected when Couche-Tard made an initial offer this spring.
Couche-Tard also announced its intention to nominate a slate of candidates for election to Casey’s board.
Casey’s, in a statement, said it would review the offer and would make a recommendation to shareholders within 10 days.
“Casey’s also noted Couche-Tard’s announcement of its intention to nominate a slate of candidates to stand for election to Casey’s board of directors at the company’s 2010 annual meeting," it said. "If and when Couche-Tard nominates directors, the board will evaluate the submission and candidates consistent with the company’s bylaws.”
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