Casey’s General Stores has rebuffed Couche-Tard’s latest attempt to acquire the convenience operator, advising shareholders not to take any action regarding the latest tender offer.

The company said that it will review the offer in consultation with its financial and legal advisors and “make a recommendation in due course”.

Casey’s today announced that it would increase its offer to US$38.5 a share from $36.75 a share.

Goldman, Sachs & Co. is acting as financial advisor to Casey’s, and Cravath, Swaine & Moore LLP and Ahlers & Cooney, PC are providing legal advice.