Couche Tard, the Canadian c-store retailer, has walked away from its efforts to buy US-based rival Casey’s General Stores.
The Canadian group announced yesterday (30 September) that it allowed its offer to expire following the repeated refusal of the Casey’s board to negotiate.
Couche-Tard’s attempts to buy the retailer became increasingly hostile over the last six months as Casey’s board rejected all attempts to hold talks. The Canadian firm’s attempt to nominate a slate of its own directors on to Casey’s board were also voted down by the US firm’s shareholders.
Casey’s also provoked the ire of Couche-Tard by entering into talks with a second bidder, 7-Eleven, even after turning down that company’s takeover bid.
Couche-Tard president and CEO Alain Bouchard said: “We sincerely appreciate the support we have received from our shareholders, as well as the support from many shareholders of Casey’s. From the beginning of this process, Couche-Tard demonstrated the seriousness of its interest in acquiring Casey’s, and we continue to believe that our fully-financed, $38.50 per share cash tender offer was the most attractive strategic alternative available to shareholders of Casey’s. However, we have decided not to continue to pursue our offer given the Casey’s board’s repeated refusal to negotiate with us.”