Casey’s CEO urges rejection of Couche-Tard directors

Ankeny, Iowa Casey's General Stores said Monday it has sent a letter to its shareholders urging them to re-elect the company's current board of directors instead of Alimentation Couche-Tard's slate.

Couche-Tard had submitted a letter of its own to Casey's shareholders last week as part of its hostile campaign to acquire the convenience store chain.

In the letter Monday, Casey's president and CEO Robert Myers again accused Couche-Tard of making a "low-ball offer."

"Make no mistake, Couche-Tard is attempting to replace your board with its hand-picked slate of directors to achieve one purpose: a quick sale of Casey's to Couche-Tard at a low price," Myers said. "Couche-Tard continues to make misleading statements about Casey's board in an attempt to distract you from the inadequacy of its offer."

He also defended his company's recently announced $500 million recapitalization plan to purchase 25% of Casey's stock. Couche-Tard had claimed the plan was an attempt to artificially inflate share prices.

"The recapitalization implements the board of directors' decision to create a more efficient and lower cost capital structure, one that will boost returns to equity holders," Myers said.