US: Casey's turns up heat on Couche-Tard with lawsuit
Casey's is looking to stave off the Couche-Tard bid
The battle for the future of US c-store retailer Casey's General Stores has taken a bitter twist after the company filed a lawsuit against Couche-Tard - accusing its Canadian suitor of "market manipulation".
Casey's, which has rebuffed Couche-Tard's US$1.9bn takeover offer, said today (11 June) that it wants an injunction to stop the Canadian firm from pressing ahead with its bid.
The suit alleges that Couche-Tard broke stock-market rules and used a market manipulation scheme to buy the US firm's stock at an artificially low price.
Casey's argues that Couche-Tard accumulated over 1.9m shares in the US firm before tabling its $36-a-share bid in April. After making its offer public, Couche-Tard then sold the bulk of the stock for $38.43, the suit alleges.
Couche-Tard could not be reached for immediate comment.
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