Caseys is looking to stave off the Couche-Tard bid

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.