UPDATE 2-Casey’s urges shareholders to back its board

* Looks to block Couche-Tard board nominees

* Says current board delivers value

* Says no basis for discussion with Couche-Tard
(Adds details, background, updates shares; in U.S. dollars
unless noted)

TORONTO, Aug 23 (BestGrowthStock) – Casey’s General Stores
(CASY.O: ), the target of a hostile takeover bid by Alimentation
Couche-Tard (ATDb.TO: ), appealed to shareholders on Monday to
re-elect its existing directors and stop Couche-Tard’s attempt
to gain influence over the board.

With exactly a month left before its annual meeting on
Sept. 23, Casey’s sent a letter to investors outlining how the
policies of its current board would deliver more value than
Couche-Tard’s “illusory” $1.9 billion, or $36.75 a share,
takeover offer for the U.S. convenience-store chain .

Montreal-based Couche-Tard, the biggest convenience-store
operator in North America, has put up candidates for all eight
members of the board of Casey’s as part of its push to take
over the Midwest chain and its 1,500-plus stores.

Couche-Tard currently operates more than 5,800 stores in
Canada and the United States, including the Mac’s and Circle K
banners.

“Couche-Tard’s proposal to replace our highly qualified,
experienced directors with its hand-picked nominees has one
purpose — a quick sale of Casey’s to Couche-Tard at a low
price,” President Robert Myers said in his letter on Monday.

He reiterated that Casey’s has had consistent growth over
the past 10 years, and noted that its stock has outperformed
its peers and the S&P 500 over the past three years.

Casey’s has come under attack from Couche-Tard and some of
its own shareholders for not engaging in discussions with the
Canadian company ever since it made its first move over four
months ago.

In the letter, Casey’s said Couche-Tard’s “lowball offer”
and corresponding actions have led its board to conclude there
was no basis for discussions.

Couche-Tard was not immediately available for comment.

Shares of Couche-Tard were down 43 Canadian cents, or 2
percent, at C$21.05 midday on the Toronto Stock Exchange.
Casey’s stock was up 21 cents at $37.89 on Nasdaq.

($1=$1.05 Canadian)
(Reporting by Solarina Ho; editing by Rob Wilson)

UPDATE 2-Casey’s urges shareholders to back its board