Bensalem, Pa. A Pennsylvania law firm announced Friday it is investigating potential claims against the board of directors of Casey’s General Stores related to a tender offer by Canadian c-store chain Alimentation Couche-Tard.
The law offices of Howard G. Smith said the investigation concerns possible breaches of fiduciary duty and other violations of law by Casey’s board of directors related to its consideration of the tender offer.
Couche-Tard’s proposed all-cash transaction to acquire Casey’s is valued at approximately $1.9 billion. Under the terms of the tender offer, Casey’s shareholders will receive $36.75 in cash for each share of Casey’s common stock they own. A previous tender offer by Couche-Tard to acquire Casey’s for $36.00 per share was rejected by the company’s board of directors in June.
In response to the increased offer, Casey’s issued a statement advising its shareholders not to take any action regarding the most recent tender offer and that the company’s board “will review the revised tender offer and make a recommendation to shareholders in due course.”