Takeover target Casey’s General Stores, the US c-store retailer, said today (20 September) it remains in talks with suitor 7-Eleven over a possible deal.
The company said negotiations with 7-Eleven over a “potential transaction” were ongoing. The two sides opened talks after Casey’s rejected a US$40-a-share bid earlier this month.
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Casey’s also said it was sticking to its plan to hold the company’s AGM on Thursday despite calls from another suitor, Canadian retailer Couche-Tard, to postpone the meeting.
Couche-Tard has had a series of bids rejected by Casey’s and has not been invited into talks with the US firm’s board, unlike 7-Eleven.
Couche-Tard had called for Casey’s to push back the AGM and hold a “full and fair sale process” that would involve allowing the Canadian company to conduct due diligence on the business.
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Casey’s, however, has stuck to its plan for the meeting to go ahead on 23 September. The AGM promises to be a tense one, with the Casey’s board set for re-election and two sets of nominees put forward for roles as directors – one by Casey’s and one by Couche-Tard in what has become a proxy battle between suitor and takeover target.
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