Couche-Tard Seeks to Buy Owner of 7-Eleven Chain
- Seven & i reviewing proposal, no deal value reported
- Japan retailer facing investor pressure to boost value
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Circle K operator Alimentation Couche-Tard Inc. made a proposal to take over much larger rival and 7-Eleven owner Seven & i Holdings Co., in what would be the biggest foreign takeover of a Japanese company. A merger would create the world’s top operator of roughly 100,000 convenience stores.
Valued at the equivalent of $31 billion before news of the offer emerged, Seven & i shares jumped 23% on Monday. The company said the bid was preliminary and non-binding, without disclosing terms. A special committee of independent outside directors will make a “prompt, careful and comprehensive review of the proposal,” Seven & i said in a statement Monday.