Japan-based Seven & i said a firm associated with its vice-president, Junro Ito, has offered to buy the 7-Eleven parent company, confirming a report by Bloomberg. Seven & i’s statement did not comment on the value of the offer, which Bloomberg said could be as much as US$58 billion. (The Logic, Bloomberg)
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Japan-based Seven & i said a firm associated with its vice-president, Junro Ito, has offered to buy the 7-Eleven parent company, confirming a report by Bloomberg. Seven & i’s statement did not comment on the value of the offer, which Bloomberg said could be as much as US$58 billion. (The Logic, Bloomberg)
Talking point: The bid is the latest twist in a long-running saga for convenience-store dominance. If Seven & i accepts the offer to go private, it would thwart the takeover ambitions of Quebec’s $74-billion Couche-Tard. The owner of rival chain Circle K was expected to gain major market share in the U.S. and improve the chain’s efficiency by buying Seven & i, but ran into opposition from the company. Couche-Tard had previously raised its offer to about US$47-billion. Ito, a member of Seven & i’s founding family, has recruited Japan’s top banks for its upsized bid, Bloomberg reported.
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