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

Couche-Tard today (31 August) said that the offer, which remains unchanged at US$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.

In response to the offer, Casey’s today released a statement: “Given that Casey’s is already creating more value than is reflected in the Couche-Tard offer and will deliver significant additional upside through execution of our business plan and strategic growth initiatives, we are not surprised that so few shares have tendered into Couche-Tard’s inadequate, highly conditional $36.75 per share offer.”

Casey’s noted that the number of shares tendered into Couche-Tard’s offer has declined to 1.1% of Casey’s issued and outstanding shares from around 12% on 2 August and then 19.2% on 12 July.