Ankeny, Ohio Casey's General Stores said Friday that two more proxy advisory firms have recommended that its shareholders vote for the company's eight board nominees instead of the slate that suitor Alimentation Couche-Tard wants to elect, the Associated Press reported.
Canada's Couche-Tard has offered about $2.03 billion, or $38.50 a share, for Casey's. But Casey's has maintained that the bid is too low.
Casey's has also received a bid of $40 a share in cash from 7-Eleven, which it also says undervalues the company.
On Friday, Casey's said Proxy Governance and Egan-Jones Proxy Services have joined Institutional Shareholder Services and Glass Lewis & Co. in supporting its board nominees. Proxy Governance recommends stockholders re-elect all of Casey's nominees, while Egan-Jones suggests voting for seven of the nominees.
Casey's annual shareholders meeting is scheduled for Thursday.
On Thursday, Couche-Tard told Casey's shareholders it was willing to boost its offer if it is allowed to perform a confirmatory due diligence review of Casey's. The company said Casey’s has rejected its request to hold talks, but is willing to have discussions with 7-Eleven. Casey's said earlier his week that it does not believe talks are necessary on Couche-Tard's latest bid.