ANKENY, Iowa (TheStreet) -- Casey's General Stores (CASY) is expected to recommend Tuesday that shareholders reject a $1.9 billion hostile bid from Canadian convenience store rival Alimentation Couche-Tard, the Wall Street Journal reports.
Couche-Tard, of Quebec, on Monday announced nine-director nominees to Casey's board to be voted on at Casey's annual shareholders meeting.
In a statement, Casey's said it would "evaluate Couche-Tard's submission and candidates consistent with the company's bylaws."
In April, Casey's rejected rejected an unsolicited proposal from Couche-Tard. But last week, Couche-Tard said it planned to kick off a hostile tender offer to acquire Casey's for $36 a share, the same price as its original proposal submitted in April. Casey's back in April said the bid was too low and opportunistic and maintains that position, the Journal reports, citing people familiar with the matter.Couche-Tard is the largest Canadian convenience store owner. Casey's owns about 1,500 stores in the Midwest. Casey's shares closed Monday at $35.50, down 16 cents. -- Written by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV