Casey's Convenience Stores rejects buyout bid from Canadian company

Casey's Convenience Stores, which has two stores in Decorah and 1,500 stores overall, largely in the Midwest, may be in the midst of a hostile takeover fight.

The Quebec, Canda-based Alimentation Couche-Tard Inc. has made a $36/share stock offer to purchase Casey's, but the Casey's board of directors rejected the offer.  Friday the Canadian company made public its $1.9 billion offer to buy Casey's.

Casey's President and CEO Robert J. Myers then released a statement saying the offer was "not in the best interests of the corporation."  Myers wrote a letter to the Canadian company, saying "Given our consistent outperformance among convenience store operators and our ongoing growth initiatives, along with the fact we own virtually all of our real estate, your proposal vastly undervalues Casey's and our future prospects."