Shareholders Sue Casey's For Denying Takeover Bid

Law360, New York (July 22, 2010, 11:45 AM EDT) -- Shareholders of Casey's General Stores Inc. have filed suit against the company for refusing to consider Alimentation Couche-Tard Inc.'s proposed $1.9 billion takeover bid, even as the Canadian convenience store chain on Thursday upped its offer by 75 cents a share.

A Kentucky-based pension fund filed the suit on behalf of all Casey's shareholders in the U.S. District Court for the Southern District of Iowa on Wednesday, accusing the company of taking “disproportionate, draconian and preclusive defensive measures” to fend off Couche-Tard's advances.

Couche-Tard on Thursday...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.