New York City Alimentation Couche-Tard has given up its months-long battle to acquire Casey’s General Stores. Couche-Tard said it had let its tender offer for Casey's expire, given the company board's "repeated refusal to negotiate with us."
The announcement came a week after Casey's said its shareholders voted to re-elect all eight of the company's incumbent directors, with the directors nominated by Couche-Tard receiving less than 10% of the vote at Casey's annual meeting. The results signaled a lack of confidence by Casey's shareholders in Couche-Tard, which has been trying to acquire its peer in a battle that has been raging since April.
Couche-Tard president and CEO Alain Bouchard said the company appreciated the support it received from shareholders, adding the company continued to believe its offer was "the most attractive strategic alternative available to shareholders of Casey's."
Earlier this month, Casey's disclosed it had gotten a $40-a-share offer from 7-Eleven, topping Couche-Tard's $38.50 offer. The company's board said the bid was too low, but it would still talk with the company.