Casey’s says 2 more proxy advisory firms support its slate of board nominees

Casey’s: 2 more firms support board nominees

ANKENY, Iowa — Casey’s General Stores Inc. said Friday that two more proxy advisory firms have recommended that its shareholders vote for the company’s eight board nominees instead of the slate that suitor Alimentation Couche-Tard Inc. wants to elect.

Canada’s Couche-Tard, which runs the Circle K chain in the U.S., has offered about $2.03 billion, or $38.50 a share, for Casey’s.

But Casey’s, an Iowa-based operator of a chain of convenience stores in the Midwest, has said that the bid is too low.

Casey’s has also received a bid of $40 a share in cash from 7-Eleven Inc. which it also says undervalues the company.

Its shares closed Thursday at $43.30 a share.

On Friday, Casey’s said Proxy Governance Inc. and Egan-Jones Proxy Services have joined Institutional Shareholder Services and Glass Lewis & Co. in supporting its board nominees. Proxy Governance recommends stockholders re-elect all of Casey’s nominees, while Egan-Jones suggests voting for seven of the nominees.

Casey’s annual shareholders meeting is scheduled for Thursday.

On Thursday, Couche-Tard told Casey’s shareholders it was willing to boost its offer if it is allowed to perform a confirmatory due diligence review of Casey’s.

Couche-Tard says Casey’s has rejected its request to hold talks, but is willing to have discussions with 7-Eleven.

Casey’s said earlier his week that it does not believe talks are necessary on Couche-Tard’s latest bid.