Casey's: Couche-Tard offer is too low

Ankeny, Iowa Casey's General Stores said Tuesday that it sent a letter to Alimentation Couche-Tard maintaining that the Canadian c-store giant’s takeover offer is too low, according to a report by the Associated Press.

Couche-Tard, which runs the Circle K chain in the United States and bid approximately $2.03 billion for the Midwestern-based chain of convenience stores, has made several offers by acquire Casey’s.

Last week Casey's revealed that it is also in talks with 7-Eleven, which bid $2.04 billion.

Casey's has said it believes both offers are too low and is in continuing talks with both companies. Its shareholders are slated to meet Sept. 23.

In Tuesday’s letter to Couche-Tard president and CEO Alain Bouchard, Casey's president and CEO Robert Myers said that the company doesn't feel Couche-Tarde's offer is in the best interest of the business or its shareholders.

Couche-Tard has asked Casey's to push back its annual shareholders meeting to give more time to consider its offer. Myers has said that the meeting would proceed on schedule.

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