THE ASAHI SHIMBUN
October 9, 2024 at 17:42 JST
A Seven & i sign in front of a Seven-Eleven convenience store (Asahi Shimbun file photo)
Canadian convenience store chain Alimentation Couche-Tard Inc. has raised its offer for Seven & i Holdings Co. by approximately 20 percent in a new deal worth around 7 trillion yen ($47.11 billion).
The move comes after the Japanese retail giant rejected Couche-Tard's initial acquisition offer in early September.
Couche-Tard submitted a new proposal in mid-September, offering to buy all Seven & i's shares at $18.19 per share, according to sources. This represents a significant increase from its initial offer of $14.86 per share in July.
In a Sept. 6 letter responding to Couche-Tard’s first offer, Seven & i dismissed the Canadian company’s proposal as it “grossly undervalues our standalone path and the additional actionable avenues we see to realize and unlock shareholder value in the near- to medium-term.”
However, the Japanese company left room for negotiations by stating that it was “open to sincerely considering any proposal that is in the best interests of our shareholders and other stakeholders.”
Seven & i operates more than 21,000 Seven-Eleven convenience stores in Japan and over 80,000 stores worldwide.
(This article was written by Sho Ito and Shiki Iwasawa.)
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