A Canadian company is attempting a hostile takeover of the Ankeny-based Casey’s convenience store chain. The Casey’s General Stores board of directors announced in April that it had reviewed an unsolicited proposal received from Couche-Tard on March 9 to acquire Casey’s for $36 a share in cash and unanimously determined that the proposal was not in the best interests of the corporation.
www.caseys.com/pdf/Press_Release-Couche_Tard_with_logo.pdf
The Canadian company followed that with an offer today to Casey’s stockholders to buy their stock for the same price. Casey’s issued an advisory to shareholders to not take any action regarding the offer. The advisory says Casey’s will consult with its financial and legal advisors and the Casey’s board will make a recommendation to shareholders within 10 business days.
www.caseys.com/pdf/Press_Release-June_2,_2010.pdf
Casey’s also said it has 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 annual meeting, and if that happens Casey’s will evaluate the submission and candidates consistent with the company’s bylaws.
A spokesperson for the company says they will not give any other comment on the issue. There are some 15-hundred corporate-owned Casey’s stores.
