New York Alimentation Couche-Tard Inc. is giving Casey’s General Stores’ shareholders more time to warm up to to takeover bid, which has been rejected as inadequate by the Iowa-based company's board. Couche-Tard said Monday it is extending by another month, to Aug. 6, its offer for Casey's, after picking up 19% of the chain's shares in the initial tender-offer period. Casey’s was quick to issue a response, maintaining its opposition to the offer.
“The low number of shares tendered reflects what Casey's has heard from many shareholders -- that this hostile, highly conditional offer is inadequate,” the company said in a statement. “The response of our shareholders to Couche-Tard's tender offer speaks for itself. We believe that our shareholders recognize Casey's industry-leading performance and superior value potential. The Casey's Board reiterates its recommendation that shareholders not tender their shares into the offer."