The Iowa-based Casey’s Convenience store chain has held off an attempt from a Canadian company to take over its board of directors. Casey’s officials announced today that the preliminary vote count shows shareholders have reelected all eight of the company’s incumbent directors by a wide margin at the Casey’s annual meeting in Ankeny.
The media release says the candidates put forward by Alimentation Couche-Tard received less than 10% of the votes. Casey’s President and C.E.O., Robert Myers, issued a statement thanking the company’s shareholders for “their overwhelming support” saying they “appreciate the confidence that Casey’s shareholders have placed in all of us, and we look forward to continuing to serve on their behalf.”
Couche-Tard has been trying to complete a hostile take over of Casey’s with its latest offer of $38.50 a share for Casey’s stock. Casey’s meanwhile says it is still in discussions with 7-Eleven about a takeover, after initially rejecting that company’s offer of $40 a share. Casey’s has around 1,500 stores.