Casey’s receives good, mixed news from advisory organizations
Two proxy advisory organizations gave somewhat varying recommendations that Casey’s General Stores Inc. shareholders re-elect most of the company’s executive board during its Sept. 23 annual meeting, Casey’s said today in a news release. Nothing but good news came from Glass Lewis & Co., which recommended election of the current board, including President and CEO Robert Myers. Institutional Shareholder Services (ISS) said all but two members of the board should be re-elected. Those board members were not identified in the Casey’s news release. Glass Lewis and ISS did not make public statements about their recommendations. The companies serve institutional shareholders, such as pension funds. Casey’s is the target of a hostile takeover launched in April by Canada-based Alimentation Couche-Tard Inc., which has offered $38.50 a share for Ankeny-based Casey’s and is attempting to take over the board of directors at the Sept. 23 shareholders meeting. Shareholders cast a white card to vote for Casey’s endorsed candidates and a blue card to vote for the Couche-Tard slate. “We appreciate that both ISS and Glass Lewis are recommending that shareholders vote on Casey’s white card — and that both proxy advisory services recognize that shareholders should NOT hand over control of this great company to Couche-Tard through a proxy fight. However, we disagree with ISS’s withhold recommendation with respect to two of our director nominees.”