The battle for control of US c-store retailer Casey’s General Stores between its present management and Canadian suitor Couche-Tard has grown increasingly hostile in recent weeks. As the rhetoric is ramped up and Couche-Tard prepares to defend itself from a lawsuit, just-food publishes its timeline of the twists and turns so far. As the struggle develops, this timeline will update to keep you abreast of the latest news on this story.
14 June 2010
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Couche-Tard hits back at Casey’s lawsuit
Couche-Tard has defended itself from claims that it manipulated the marketplace with its offer to acquire US c-store rival Casey’s General Stores.
11 June
Casey’s turns up heat on Couche-Tard with lawsuit
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By GlobalDataThe 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”.
8 June
Casey’s attacks Couche-Tard takeover bid
US c-store retailer Casey’s General Stores today (8 June) went on the front foot in its takeover battle with Couche-Tard, defended its record and attacked its Canadian suitor. Casey’s, which is looking to fight off a “highly opportunistic” US$1.9bn bid from Couche-Tard, said the offer did not “fully compensate” its shareholders for the potential synergies a deal could create.
7 June
Couche-Tard hardens plans to nominate Casey’s directors
Canadian c-store retailer Couche-Tard has confirmed it will nominate nine candidates for election to the board of reluctant takeover target Casey’s General Stores. Couche-Tard said it would go through with its threat to put forward candidates for election at Casey’s AGM in September amid the US company’s refusal to enter into takeover talks.
2 June
Casey’s urges shareholders to sit on Couche-Tard bid
Casey’s General Stores has called on its shareholders to refrain from responding to rival c-store operator Couche-Tard’s hostile takeover offer.
2 June
Couche-Tard returns to table with Casey’s bid
Couche-Tard, the Canadian convenience store operator, has taken its takeover bid for US rival Casey’s General Stores direct to the company’s shareholders.
20 April
Casey’s takes “poison pill” to thwart Couche-Tard takeover
US convenience chain Casey’s General Stores is adopting a shareholder rights agreement in its bid to halt the hostile takeover advances of Canadian c-store giant Couche-Tard.
9 April
Casey’s slams Couche-Tard and dismisses bid
US c-store business Casey’s General Stores has accused Canadian rival Couche-Tard of trying to buy retailers south of the border “on the cheap” and rejected its US$1.9bn takeover bid.
9 April
Couche-Tard bids for Casey’s
Canadian c-store operator Couche-Tard has submitted a bid to buy US-based Casey’s General Stores for US$1.9bn. The all-cash proposal represents a 14% premium on Casey’s closing price of $31.59 a share on Thursday, the firm said today (9 April).
