The Quebec convenience-store chain is in talks about how much more it could raise its offer to buy 7-Eleven’s Japanese parent company, Seven & i, unnamed sources told Bloomberg. There’s no certainty Alimentation Couche-Tard will submit a bigger bid, the people said. (Bloomberg)
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The Quebec convenience-store chain is in talks about how much more it could raise its offer to buy 7-Eleven’s Japanese parent company, Seven & i, unnamed sources told Bloomberg. There’s no certainty Alimentation Couche-Tard will submit a bigger bid, the people said. (Bloomberg)
Talking point: Seven & i rejected Couche-Tard’s previous US$39-billion offer, citing the low price and lack of details on the company’s plans to deal with antitrust scrutiny. While Seven & i is already the world’s biggest retailer by store count, some activist investors like Oasis Management were disappointed that Seven & i rejected the offer. Couche-Tard owns the smaller Circle K chain, but has a higher market value. Still, major foreign takeovers are novel in Japan. Seven & i has reportedly retained investment bank Nomura to advise it on the takeover talks. Couche-Tard shares were nearly flat in Toronto on Thursday, while Seven & i shares rose nearly 4.5 per cent in Tokyo.
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