Casey’s General has ridiculed Couche-Tard’s announcement that it is extending its tender offer for the chain, saying the response so far highlighted the unpopularity of the hostile bid.

Earlier this week, Couche-Tard said it was extending the $1.9bn hostile offer, after having received around 19.2% of Casey’s issued and outstanding shares. In response, Casey’s said the figure represented what it “has heard from many shareholders - that this hostile, highly conditional offer is inadequate”.

Casey’s added, “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."

NamNews - Tuesday 13th July 2010

 

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