Couche-Tard approaches 7-Eleven owner again after $50 billion offer rejection
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A deal would create a global convenience store behemoth with more than 100,000 stores and represent the biggest-ever foreign takeover of a Japanese company.
PHOTO: AFP
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Bengaluru - Canadian retailer Alimentation Couche-Tard said on Sept 8 that it is willing to enter a non-disclosure agreement with 7-Eleven operator Seven & i Holdings and is keen on still pursuing an acquisition.
The 7-Eleven owner has said the US$38.5 billion (S$50 billion) offer is not in the best interest of its shareholders and could face antitrust challenges in the United States.
Couche-Tard said it would consider divestitures that may be required to secure regulatory approvals.
“We believe that, working together, we can successfully reach and complete a mutually agreeable transaction,” the company said, adding that it hopes this will lead to increased value creation for its Japanese counterpart.
Seven & i, which said in August that it had received an offer from Circle-K owner Couche-Tard without naming the price, disclosed the bid was at US$14.86 a share and said it would “sincerely consider” any proposals.
Couche-Tard said it would make an all-cash offer and that financing would not be a condition to close the transaction.
A deal would create a global convenience store behemoth with more than 100,000 stores and represent the biggest-ever foreign takeover of a Japanese company.
Bloomberg News earlier reported that the Canadian convenience retailer plans to write to the Japanese giant in the coming days to reiterate its interest in a deal and has not ruled out going directly to the shareholders with its bid.
The proposal could signal a willingness to offer a higher price if Seven & i agrees to friendly negotiations, according to the report, which cited one person familiar with the matter. REUTERS, BLOOMBERG
