Couche-Tard asks Casey’s to delay annual meeting
New York City In the latest update on the ongoing battle to acquire Casey’s General Stores, Alimentation Couche-Tard on Friday asked Casey's delay its annual meeting so shareholders have time to consider selling to the Canadian convenience store company, which operates the Circle K chain in the United States.
Casey's is the object of two buyout offers. Its shareholders are to meet Sept. 23.
Couche-Tard has made several bids for the company; its most recent, $38.50 a share, is worth roughly $2.03 billion. Casey's is also in talks with 7-Eleven, which has offered $40 a share in cash, or $2.04 billion.
Casey's has said it believes the company is worth more than both offers, but it has opted to continue talks with both companies.
Couche-Tard said in a letter Friday that by announcing the 7-Eleven bid so close to the annual meeting, Casey's appears to be trying to distract shareholders. Couche-Tard wants Casey's to delay the meeting by two to three weeks so the company can complete a "full and fair sale process" and report those results to shareholders before the meeting.
"In this manner, your shareholders, the true owners of the company will have the opportunity to decide the future of Casey's for themselves with the benefit of complete information," Couche-Tard's letter said.