Casey’s General Stores today (12 July) dismissed the hostile takeover bid from Couche-Tard as “inadequate” after the Canadian retailer gave investors in the US c-store operator more time to accept its offer.
Couche-Tard pushed back the deadline for Casey’s investors to tender their shares in favour of its US$36-a-share bid and said shareholders representing some 19.2% of the US firm’s stock had accepted the offer.
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However, Casey’s, which has repeatedly rejected Couche-Tard’s bid, poured scorn on the level of shares that had been tendered.
“The low number of shares tendered reflects what Casey’s has heard from many shareholders – that this hostile, highly conditional offer is inadequate. The response of our shareholders to Couche-Tard’s tender offer speaks for itself,” Casey’s said.
Last month, Casey’s reported a 36% increase in annual earnings during what it claimed was a “monumental year” for the business.
Dismissing Couche-Tard’s bid today, Casey’s added: “We believe that our shareholders recognise Casey’s industry-leading performance and superior value potential. The Casey’s board reiterates its recommendation that shareholders not tender their shares into the offer.”
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