Alimentation Couche-Tard's quest for Casey's General Stores Inc. has been going on for what feels like years. In reality, it's more like months -- though, management at both firms probably feels like it's been decades.
That might explain why Couche-Tard, understandably, appears to have reached a tipping point, pushing management to send out a heated public statement.
To refresh your memory, Casey's came out Tuesday saying that an unidentified third party has come in and offered $40 a share in cash, 3.9 per cent more than Couche-Tard's latest offer. Upon hearing the news, Couche-Tard's management said they are "surprised and suspicious" about the timing and that they "believe this is another maneuver orchestrated by the Casey's board to artificially inflate its stock price leading up to the shareholder vote."
Moreover, Couche-Tard begged Casey's shareholders to ask themselves why their board authorized discussions with a third party "after it has repeatedly refused to meet with or negotiate... regarding Couche-Tard's firm, all-cash, fully-financed premium offer." The secret bidder has put forward only a non-binding, preliminary proposal.