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.
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.
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.