Casey’s to ask shareholders to reject Couche-Tard bid-WSJ

June 8 (BestGrowthStock) – U.S. convenience store Casey’s General
Stores Inc (CASY.O: ) is expected to ask its shareholders to
reject the $1.9 billion hostile bid from its Canadian rival,
Alimentation Couche-Tard Inc (ATDb.TO: ), the Wall Street Journal
said, citing people familiar with the matter.

Couche-Tard, Canada’s largest convenience store operator,
saw its $36 per share offer rejected in April by the board of
Iowa-based Casey’s. It then said it would take its offer
directly to Casey’s shareholders if the board failed to
reconsider its rejection. [ID:N02196237]

Casey’s, which has about 1,500 convenience stores in the
U.S. Midwest, had earlier asked its shareholders to take no
action regarding the offer until its board could review it and
make a recommendation.

On Monday, Couche-Tard had said it will nominate nine
independent directors to Casey’s board. The company also said it
remains committed to enter into a negotiated deal with Casey’s.

Casey’s responded later on Monday saying its board will
evaluate Couche-Tards candidate nomination.

Casey’s could not immediately be reached for comment by
Reuters outside regular U.S. business hours.

Stock Investing

(Reporting by Sakthi Prasad in Bangalore; Editing by Mike
Nesbit)

Casey’s to ask shareholders to reject Couche-Tard bid-WSJ