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Casey's Urges Rejection of Couche-Tard Bid

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.

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