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Casey's Urges Rejection of Couche-Tard Bid

Casey's General Stores iis expected to recommend Tuesday that shareholders reject a $1.9 billion hostile bid from Canadian convenience store rival Alimentation Couche-Tard, a report says.

ANKENY, Iowa (

TheStreet

) --

Casey's General Stores

(CASY) - Get Report

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.

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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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