In a statement Wednesday, Japan’s Seven & i confirmed it received Alimentation Couche-Tard’s “revised confidential, private and non-binding proposal.” It did not specify details of the bid’s value. According to a Bloomberg report, the Quebec-based convenience store chain raised its offer to US$47.2 billion. (The Logic, Bloomberg)

Talking point: Couche-Tard said it would pay US$18.19 per share for Seven & i, a 22 per cent increase from its initial offer in August, according to Bloomberg. The two companies haven’t since had substantive discussions, the report said. Following Couche-Tard’s initial bid, which Seven & i said “grossly” undervalued it, the Tokyo-based company has received a core business designation from the Japanese government, meaning it is essential to national security. It has also signalled its desire to sell off stakes in its banking and supermarket units in order to concentrate on its core convenience store business.