Investors backed Caseys board

Investors backed Casey's board

Casey's General Stores announced today (23 September) that, based on a preliminary vote count, its shareholders have reelected all eight of the US c-store chain's incumbent directors.

The US retailer added that the preliminary results indicate that shareholders have rejected Couche-Tard's by-law proposal.

The move will come as a blow to Couche-Tard, the Canadian retailer, which has been attempting to elect a slate of its own directors as part of its takeover attempts. Casey's said Couche-Tard's nominees received less than 10% of shares voted.

Diane Bridgewater, Johnny Danos, Lynn Horak, Kenneth Haynie, William Kimball, Jeffrey Lamberti, Robert Myers and Richard Wilkey will all remain on the retailer's board.

Both 7-Eleven and Couche-Tard have been vying to acquire the Iowa-based convenience operator. However Couche-Tard's attempts have become increasingly hostile as Casey's has rejected a series of bids since the Canadian firm went public with its interest in the operator five months ago.

Couche-Tard has also grown frustrated at Casey's decision to open talks with rival bidder 7-Eleven even after it rejected the c-store giant's takeover bid.

Robert Myers, Casey's president and CEO, said: "On behalf of Casey's Board and management team, I would like to thank the company's shareholders for their overwhelming support.  We appreciate the confidence that Casey's shareholders have placed in all of us, and we look forward to continuing to serve on their behalf."