Canadian retailer Couche-Tard has given shareholders in US target Casey’s General Stores more time to accept its hostile takeover bid.
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Couche-Tard said today (12 July) that it had pushed back the deadline for its US$36-a-share offer for Casey’s from midnight on 9 July to 17:00 ET on 6 August.
Casey’s management has repeatedly rejected Couche-Tard’s offer and encouraged its shareholders to do the same when the Canadian c-store retailer went direct to investors with its bid.
Couche-Tard said that, by midnight on 9 July, around 19.2% of Casey’s outstanding shares had been tendered for the offer.
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