Laval, Quebec, Canada Canadian c-store chain Alimentation Couche-Tard said Thursday it has raised its offer to acquire Casey’s General Stores, hoping to persuade shareholders to back the takeover.
The new offer is $36.75 a share, compared with the $36 initial offer, according to a statement released by the company. Couche-Tard made its bid to acquire the U.S. convenience store chain public last April when Casey’s rebuffed the Canadian’s approaches.
Couche-Tard, which has announced at least 29 acquisitions targets in the United States since 2001, plans to use the purchase to expand in the Midwest.
Casey’s, with more than 1,500 locations, had said the bid “significantly undervalues” the Ankeny, Iowa-based company, and its board has recommended that shareholders reject the offer.
Couche-Tard began an unsolicited tender offer for Casey’s last month, urging Casey’s to accept the bid or face a proxy fight. Couche-Tard plans to nominate a slate of nine independent candidates for election to Casey’s board.