Casey's Rejects Couche-Tard's $1.9B Hostile Bid

Law360, New York (April 9, 2010, 6:27 PM EDT) -- Casey's General Stores Inc. on Friday rejected a hostile takeover bid by Canadian convenience store chain Alimentation Couche-Tard Inc., saying the $1.9 billion offer “significantly undervalues” Casey's and is not in the corporation's best interest.

In a letter, Casey's said it was “very disappointed” that Couche-Tard had elected to make its $36-per-share all-cash bid for the company public after it had been rejected by the Casey's board in March.

“As we previously informed you, our board of directors takes its fiduciary duties very seriously and unanimously...
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