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.
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“Though it remains our strong preference to enter into a negotiated transaction with Casey’s, we are committed to pursuing a combination of our two companies,” said Couche-Tard president and CEO Alain Bouchard.
“To reinforce that commitment, we are nominating a full slate of nine directors for election to the Casey’s board who will exercise independent judgment in considering the Couche-Tard tender offer. We are confident that these nominees will serve in the best interests of Casey’s and its shareholders.”
Couche-Tard has hit a brick wall in its bid for Casey’s. Last week, the Canadian firm repeated an offer it made for the US retailer in April.
Once again, Casey’s management rejected the bid, labelling the offer “opportunistic”.
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By GlobalDataReacting to Couche-Tard’s decision to nominate candidates to the Casey’s board, the US issued a short statement.
“Casey’s Board will evaluate Couche-Tard’s submission and candidates consistent with the company’s bylaws,” it said.
