Ankeny, Iowa Casey's General Stores shareholders voted in favor of the company's board nominees on Thursday, rejecting a slate of nominees from Alimentation Couche-Tard. Couche-Tard had encouraged shareholders to elect at three of its nominees to the board in an effort to further its bid to take over Casey's.
Couche-Tard has been engaged in a hostile takeover effort for Casey's since April. The company last offered $2 billion, or $38.50 per share, for Casey's -- which the company rejected as too low.
Meanwhile, Casey's says it is continuing talks with competitor 7-Eleven, which has offered $2.04 billion, or $40 per share. Casey's has also dismissed that offer as too low, but remains engaged in an active discussion with the company. It has not released further details about its talks with 7-Eleven.
Casey's shareholders, based on preliminary vote count, re-elected all eight of Casey's incumbent directors.
"We appreciate the confidence that Casey's shareholders have placed in all of us, and we look forward to continuing to serve on their behalf," said Robert Myers, the company's CEO.