Canadian retailer Couche-Tard today (28 July) spoke of its “disappointment” that target Casey’s General Stores had turned down its higher takeover bid.

Couche-Tard, which last week upped its offer from US$36 a share to $36.75, has pursued Casey’s since last autumn when it private expressed an interest in the business.

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In April, Couche-Tard went public and made its $36-a-share bid, which Casey’s board has repeatedly rejected.

Earlier today, the Casey’s board rejected Couche-Tard’s higher offer as “inadequate”.

Casey’s also outlined a share recapitalisation offer for up to $500m of its stock. The US retailer said the plan would “generate significant value for its shareholders” and allow investors “to continue in participating in the company’s substantial upside”.

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In response, Couche-Tard again attempted to demonstrate the “premium” it was offering to Casey’s investors.,

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Couche-Tard said its $36.75 bid was “a 12% premium to the all-time and 52-week high trading price of common stock of Casey’s trading prior to 8 April” – the day before the Canadian retailer’s first public offer for the business.

President and CEO Alain Bouchard said: “We are disappointed that the Casey’s board of directors has rejected our increased $36.75 cash offer and has initiated a recapitalization for only 25% of the shares without even sitting down to talk to us. We will continue to evaluate our options.”