September 17, 2010 / 12:01 PM / 8 years ago

Proxy Governance, Egan-Jones back Casey's nominees

BANGALORE (Reuters) - Casey’s General Stores (CASY.O), facing a $2 billion takeover bid from Canada’s Alimentation Couche-Tard (ATDb.TO), said two more proxy advisory services firms have recommended that Casey’s shareholders re-elect a majority of the company’s director nominees.

The U.S. convenience store operator said Egan-Jones recommended that Casey’s shareholders re-elect seven of the eight director nominees, while Proxy Governance recommended shareholders re-elect all the nominees.

On Thursday, ISS and Glass Lewis made similar recommendations.

Casey’s urged its shareholders to vote for all its nominee directors.

Earlier this week, Casey’s said it might agree to talks with Couche-Tard if the Canadian company increased its $38.50-a-share bid.

It is also in talks with Japan-based convenience store operator 7-Eleven, which has offered $40 a share in cash for the U.S. firm.

Casey’s shares, which have gained nearly 44 percent since Couche-Tard made its initial approach in early April, closed at $43.30 Thursday on Nasdaq.

Couche-Tard shares, up about 29 percent since it bid for Casey’s, closed at C$22.91 Thursday in Toronto.

Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Anne Pallivathuckal

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