Casey's Urges Investors To Nix $1.9B Couche-Tard Bid

Law360, New York (June 8, 2010, 10:55 AM EDT) -- Casey's General Stores Inc. is asking its shareholders to reject a $1.9 billion tender offer launched in early June by Canadian convenience store chain Alimentation Couche-Tard Inc., saying the hostile bid substantially undervalues the company.

Couche-Tard's offer of $36 per share is also not in the best interests of Casey's employees, suppliers, creditors and customers, the company said Tuesday after its board of directors voted to recommend that shareholders pass on the offer.

“Our board's position is clear — shareholders should reject Couche-Tard's offer and not...
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