Alimentation Couche-Tard has extended its offer for Casey’s General Stores.
The retailer said today (31 August) that the offer, which remains unchanged at US$36.75 per share, will now expire on 30 September.
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The offer had been scheduled to expire on 30 August. All other terms and conditions of the tender offer remain unchanged.
Last week, Casey’s completed the latest round of defences against hostile suitor Couche-Tard, when it announced the preliminary results of its modified “Dutch auction” self tender offer.
The move is the latest salvo in an increasingly hostile pursuit of Casey’s by Couche-Tard. When it was announced, Couche-Tard described the move as a “poison pill” defence and said penalties would be invoked if, for instance, a party buys over 35% of Casey’s – or the US firm’s shareholders decide to replace a majority of its board.
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