Casey’s General Store says Couche-Tard convenience chain violated rules in attempt to win bid

Casey’s stores claims Couche-Tard broke rules

ANKENY, Iowa — Convenience store operator Casey’s General Stores says competitor Alimentation Couche-Tard violated federal securities laws by manipulating the market in its takeover efforts.

Casey’s said Thursday that it has filed a lawsuit in U.S District court in Iowa against the Canadian company, alleging Couche-Tard bought Casey’s shares, announced its offer and then sold the shares at a higher price.

Casey’s claims Couche-Tard manipulated the market by profiting from its own announcement and artificially depressing the run-up in stock price that typically follows the announcement of a takeover bid.

Casey’s has rejected previous takeover bids by Couche-Tard. Couche-Tard owns the Circle K convenience store chain.