7-Eleven Rejects Takeover Bid From Big Canadian Chain

1 month ago 19
News Banner

Looking for an Interim or Fractional CTO to support your business?

Read more

Business|7-Eleven Rejects Takeover Bid From Big Canadian Chain

https://www.nytimes.com/2024/09/05/business/7-eleven-rejects-couch-tarde-bid.html

You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.

Japan’s Seven & i Holdings, the operator of 7-Eleven, has rebuffed a buyout offer that would have been the largest foreign-led acquisition of a Japanese company.

Two people exiting a brightly lit 7-Eleven store in Tokyo at night, with a Seven & i Holdings sign in front of the store.
The takeover proposal was a long shot, but its rejection will put pressure on Seven & i Holdings to show it is doing more to increase the company’s financial value.Credit...Yuya Shino/Reuters

River Akira Davis

The owner of 7-Eleven has rejected a buyout offer from a Canadian convenience store giant, snubbing a deal that likely would have been the largest foreign-led acquisition of a Japanese company.

The move, while expected, will put pressure on the Japanese company to show it is taking other steps to increase the company’s value for its shareholders.

The Tokyo-based operator of 7-Eleven, Seven & i Holdings, said last month that it had received an unsolicited takeover proposal from Alimentation Couche-Tard.

In a letter to Couche-Tard released on Friday, Seven & i said its board of directors had concluded, based on a recommendation from a committee of independent directors, that the offer was not in the best interest of shareholders.

Seven & i said it had found that Couche-Tard’s offer “grossly undervalues our stand-alone path and the additional actionable avenues we see to realize and unlock shareholder value,” wrote Stephen Dacus, a Seven & i outside director and chair of the committee.

Alimentation Couche-Tard operates more that 16,000 Couche-Tard and Circle K stores across North America and Europe. Seven & i sits atop a vast network of 85,000 stores, primarily in Asia and the United States. Couche-Tard’s takeover of Seven & i would have positioned it as one of the world’s largest retail groups.


Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.


Thank you for your patience while we verify access.

Already a subscriber? Log in.

Want all of The Times? Subscribe.

Read Entire Article