Alimentation Couche-Tard has told Seven & I Holdings it wants to work together to reach a “friendly” takeover after the Japanese supermarket chain opposed the Canadian company’s initial proposal.
Couche-Tard remains “strongly focused on completing a transaction with Seven & I that is in the best interests of all stakeholders,” the company said in a statement confirming an earlier Bloomberg News report.
Shares of Seven & I rose 3.2 percent to ¥2,200 in early morning trading in Tokyo on Monday, giving the company a market value of about ¥5.7 trillion ($40 billion). That’s slightly higher than Couche-Tard’s initial proposal of about $14.86 per share. While Seven & I, the operator of 7-Eleven stores, rejected that as too low and fraught with regulatory risks, it said it was willing to consider a more attractive offer.
