Casey's alleges Couche-Tard market manipulation

U.S. convenience store chain Casey's General Stores Inc (CASY.O) said on Friday it has filed a complaint alleging market manipulation by Canadian rival Alimentation Couche-Tard Inc in its (ATDb.TO) $1.9 billion hostile takeover bid.

Casey's said it wants an injunction barring Couche-Tard from taking further steps to consummate the tender offer.

The complaint, filed in U.S. District Court for the Southern District of Iowa, alleges that Couche-Tard violated U.S. federal securities law with a market manipulation scheme to buy Casey's stock at an artificially low price.

The complaint says Couche-Tard accumulated 1.97 million Casey's shares, or about 3.9 percent of those issued, prior to its April 9 bid. Shortly after Couche-Tard announced its cash offer of $36 a share, it sold almost all of its shares for $38.43 each, the complaint said.

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- Posted: 2010-06-11 10:47:12

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