New York City Canadian convenience store operator Alimentation Couche-Tard Inc. has gone directly to the shareholders of Casey's General Stores Inc. via an open letter on Thursday, ignoring Casey’s rejection of Couche-Tard’s approximately $2.03 billion takeover offer and saying it's willing to up the ante.
In the letter to shareholders, Couche-Tard, which runs Circle K in the U.S., said it would consider raising its $2.02 billion offer if it is allowed to perform a confirmatory due diligence review of Casey's.
Couche-Tard has already made several bids for Casey's, which has maintained the offers are too low. Couche-Tard is arguing that its bid is not much lower than that of 7-Eleven Inc., which has offered $2.04 billion.
Couche-Tard said that Casey's has rejected its request to hold talks, but is willing to have discussions with 7-Eleven. Casey's said on Tuesday that it does not believe talks are necessary on Couche-Tard's current bid.
Casey's annual shareholders’ meeting is scheduled for Sept. 23.