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Iowa Legal News | Cedar Rapids Lawsuit News
Iowa-based Casey’s is at the Center of Several Class Action Suits
Posted on Sep 08, 2010
Iowa-based Casey's General Stores has recently been in the news for its defensive measures. Casey's has been in debt, and the board of directors has been the target of many class action suits. There are approximately 1,500 stores throughout Iowa, Illinois, Kansas and Nebraska.
Several investor groups have filed separate class action lawsuits against Casey's and the board members. The claim is that the board of directors has breached their fiduciary duties to their shareholders, and is refusing to negotiate a buyout with Couche-Tard.
Couche-Tard, a Quebec-based company that owns Circle K chains and other stores, has reportedly attempted to discuss the possibility of a merger with Casey's. Investors are claiming that Casey's is refusing to negotiate. Now, Couche-Tard is beginning an unsolicited takeover. The company is now offering $38.50 per share, and their offer expires on September 30, 2010.
One of the main supporters of Couche-Tard's takeover is a U.S. group of police officers from the Oklahoma Law Enforcement Retirement System. The group is a long-time investor with over 7,000 shares. They filed a petition for a class action lawsuit in Iowa at the Iowa District Court on August 9, 2010, as they are arguing that Casey's board of directors are only reaching out to a quarter of their shareholders and leaving the other shareholders in the dark. Their other complaint is that they are not entertaining talks with Couche-Tard, which has caused that company to start a takeover.
This group, along with several others, is not pleased with the way the board of directors has been handling the company recently. Earlier in August, Casey's raised $569,000,000.00 in a private placement, and is now using the profit to buyback some of their 50.97 million outstanding shares. The buyback price is between $38 and $40 per share, and the shareholders believe the board is using this cash for their own purposes so that Couche-Tard may not acquire the control of the company.
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