7-Eleven Parent Open To Improved Takeover Bid by Circle K Owner

By
Nisha Gopalan
Nisha Gopalan Nisha Gopalan
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Nisha Gopalan is the Senior Overnight Assignment Editor for Investopedia News. She is an award-winning financial journalist who has worked in London, where she is currently based, and Hong Kong. She previously worked at The Wall Street Journal and Bloomberg. 
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Published September 09, 2024
08:12 AM EDT
A customer enters a 7-Eleven convenience store along a street in central Tokyo on September 9, 2024 A customer enters a 7-Eleven convenience store along a street in central Tokyo on September 9, 2024
A customer enters a 7-Eleven convenience store along a street in central Tokyo on September 9, 2024.

RICHARD A. BROOKS / AFP via Getty Images

Key Takeaways

  • Japan's Seven & i said Monday that it is open to talks with Alimentation Couche-Tard if the Canadian owner of Circle K stores improves its $39 billion bid for the 7-Eleven parent.
  • Seven & i had rejected the offer for its convenience store chain by the Canadian firm late last week, saying Couche-Tard's bid undervalued it and doesn't address antitrust concerns.
  • Couche-Tard said it would consider divestitures to seal the deal.

Japan's Seven & i said Monday that it is open to talks with Alimentation Couche-Tard if the Canadian owner of Circle K stores improves its $39 billion bid for the 7-Eleven parent.

"We remain open to engaging in sincere discussions should ACT put forth a proposal that fully recognizes Seven & i's standalone intrinsic value and addresses the Special Committee's very real regulatory concerns," Seven & i said. 

Couche-Tard Says Open To Divestitures To Seal Deal

Seven & i had rejected the offer for its convenience store chain by the Canadian firm late last week, saying it undervalued the company and doesn't address antitrust concerns.

Its latest statement was made in response to a press release from Couche-Tard on Sunday in which the Quebec-based company called for more discussions. The Circle K owner said it would "jointly consider divestitures that may be required to secure regulatory approvals" for the deal.

Both companies have large networks in the U.S.

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  1. PR Newswire. “Seven & i Holdings Comments on the Press Release from Alimentation Couche-Tard Inc.”

  2. PR Newswire. “ALIMENTATION COUCHE-TARD COMMENTS ON SEVEN & I HOLDINGS' RESPONSE NOT TO ENGAGE IN FRIENDLY DISCUSSIONS REGARDING A VALUE CREATING COMBINATION.”

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