On the Brink

MONTREAL — The much-anticipated hostile takeover bid of U.S.-based Casey’s General Stores, by the Montreal-based Alimentation Couche-Tard, may finally hit an insurmountable stumbling block today, Sept. 23, as Casey’s shareholders meet to elect a new board of directors.

According to the Toronto Star, Couche-Tard has nominated several candidates for board consideration, and a rejection of those nominees, would be seen as a de facto rejection of the company’s $2 billion — or $38.50 per share — bid.

This is just the latest development in what has been a legally messy takeover bid, which, if completed, would make Couche-Tard North America’s largest convenience store chain. Some reports also have American giant 7-Eleven now actively involved in takeover talks with Casey’s, with a preliminary offer of $40 per share.