The Seven & i logo is seen at a 7-Eleven convenience store in Tokyo on August 19.
10:04 JST, September 6, 2024
TOKYO (Reuters) – Japanese retail giant Seven & I Holdings 3382.T said on Friday that Canada’s Alimentation Couche-Tard ATD.TO had offered to buy the company for $14.86 per share in cash, but it rejected the proposal as not in the interests of shareholders.
The Japanese retail giant said it was open to “sincerely considering” any proposal. But it would reject “any proposal that deprives our shareholder of the intrinsic value of the company and does not specifically address very real regulatory concerns,” the company said in a letter to Couche-Tard.
Seven & I Holdings had a market capitalization of about $39 billion based on Thursday’s closing price, and its shares were up about 0.5% in morning trading Friday. News of Couche-Tard’s approach to the global operator of convenience store chain 7-Eleven, which would be the largest overseas acquisition of a Japanese company, sent Seven & I shares up nearly 23% on Aug. 19.
Couche-Tard, which operates the Circle-K supermarkets, is worth about $52 billion.
