The Canadian company that’s trying an unfriendly take over the Casey’s Convenience store chain has extended its offer to shareholders. Alimentation Couche-Tard’s had set last Friday as the deadline for Casey’s shareholders to take up its offer of $36 a share for the stock in the Ankeny-based chain.
The company says just over 19% of the stock has been offered by shareholders to the company and they are extending the offer to August 6th. Casey’s board has been trying to fight off the takeover and issued a statement today that said, “The low number of shares tendered reflects what Casey’s has heard from many shareholders — that this hostile, highly conditional offer is inadequate. The response of our shareholders to Couche-Tard’s tender offer speaks for itself.”
The Casey’s board urges stockholders to go to the S-E-C website to read the statement the board filed in response to the takeover attempt. Casey’s officials also filed a complaint in the U.S. District Court alleging that Couche-Tard has violated federal securities laws in connection with its takeover attempt by making its offer public to buy Casey’s shares without disclosing that it already owned two million shares of Casey’s stock.
They say Couche-Tard then took advantage of the market reaction to make millions of dollars by selling almost all of the shares the company owned.