The board of directors of Casey’s General Stores Inc. has unanimously rejected an unsolicited acquisition proposal from Alimentation Couche-Tard Inc., to acquire Casey’s for $36 per share in cash, the Ankeny-based company announced this morning.

“Your proposal significantly undervalues Casey’s and is not in the best interests of the corporation,” Casey’s President and CEO Robert Myers said in a letter today responding to Couche-Tard’s public letter announcing its takeover bid. “We are very excited about the many opportunities ahead to continue growing our business and deliver superior value to shareholders.”

Casey’s stock price was up by nearly $7 per share this morning, a 22 percent spike to $38.50, on news of the $1.9 billion takeover bid.

“We strongly believe that our $36 per share all-cash proposal is compelling for Casey’s shareholders as it offers them the opportunity to realize full and immediate value for their investment,” said Alain Bouchard, Couche-Tard president and CEO, said in a press release.

“We are hopeful that Casey’s board of directors and management team will realize the compelling opportunities this transaction offers, as well as the benefits for all of Casey’s constituencies,” Bouchard said. “Indeed, it is our strong preference to work cooperatively with them and to immediately begin discussions to negotiate a mutually acceptable transaction. We are committed to pursuing this transaction and are prepared to take all necessary steps to make this combination a reality.”

Couche-Tard, a $4.1 billion company, has completed similar transactions, including the acquisition of the Circle K convenience store chain from ConocoPhillips as well as transactions with ExxonMobil, Shell, BP and Spirit Energy.

Meyers said that Casey’s is in a strong position in terms of both sales and finances, with same-store sales increasing for 24 consecutive quarters, and has begun rolling out new store designs that it expects to increase average cash flow. The company has also increased its dividend at a compounded annual rate of approximately 18 percent during the past five years, and has approximately $153 million in cash to fund new store openings and strategic acquisitions.