The two convenience store and gas station chains are locked in a battle over Quebec giant Alimentation Couche-Tard’s offer to buy 7-Eleven’s Japan-based parent company, Seven & i. The Japanese company released two documents on Tuesday to correct “misinformation” surrounding the deal, alleging that Couche-Tard’s past proposals weren’t good enough to stop antitrust scrutiny. (The Logic)
Talking point: Critics of Seven & i’s approach have suggested that it is resistant to foreign ownership. But Seven & i said that Couche-Tard’s “origins” are not a factor and that it is not “dragging its feet.” Now that Couche-Tard “is finally taking our antitrust concerns seriously,” Seven & i wrote, there may be a path forward for the deal. But, the Japanese firm warned, the deal will be “a vastly different transaction than any M&A” Couche-Tard has done before.