Casey's Rejects Buyout Bid; Shares Rise

Casey's General Stores shares were up 20.7% at $38.10 in premarket trading Monday after the company unanimously rejected an unsolicited proposal from Alimentation Couche-Tard.
Author:
Publish date:


NEW YORK (TheStreet) -- Casey's General Stores (CASY) - Get Report stock was rising 20.7% to $38.10 in premarket trading Monday after the company unanimously rejected an unsolicited proposal from Alimentation Couche-Tard.

Casey's received the unsolicited buyout proposal for $36 a share in cash on March 9. In a statement released on April 9, Casey's said "the board unanimously determined that the proposal is not in the best interests of the corporation and informed Couche-Tard on March 29, 2010 that it had rejected the proposal."

The board has sent a letter to Couche-Tard saying that it was "very disappointed" with the latter's "hostile public campaign."

-- Reported by Andrea Tse in New York

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.