Casey’s General Stores has accepted payment for around 13.2m shares for US$500m as a result of its ‘Dutch auction’ tender offer.

The offer, which expired on 25 August, was for a purchase price of $38 per share, including around 12.6m shares validly tendered through notice of guaranteed delivery.

Following consummation of the offer, Casey’s said it expects to have around 37.8m shares of common stock. Payment is expected to be made “promptly”, and all shares tendered and not accepted for purchase will be returned.

Casey’s General Stores yesterday labelled an extension of Couche-Tard’s tender offer as “inadequate”.

Couche-Tard said that the offer, which remains unchanged at $36.75 per share, will now expire on 30 September. The move is the latest salvo in an increasingly hostile pursuit of Casey’s by Couche-Tard.