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
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