Casey’s has filed a complaint against the Canadian company that’s attempting a hostile takeover of the Ankeny-based convenience store chain. Casey’s officials say they filed the complaint in the U.S. District Court alleging that Alimentation Couche-Tard has violated federal securities laws in connection with its unsolicited offer to purchase all of Casey’s outstanding shares.
Casey’s says Couche-Tard made it’s offer public to buy Casey’s shares for $36 without disclosing that it already owned two million shares of Casey’s stock. They says Couche-Tard then took advantage of the market reaction to make millions of dollars by selling almost all of the shares the company owned at a price of $38.43.
Casey’s is seeking an injunction barring Card-Touche from taking further steps to consummate the stock purchase offer.
Read more here: www.caseys.com/pdf/Press_Release-June_11,_2010.pdf