Seven & I Rejects Couche-Tard’s Takeover Proposal as Too Low

Seven & i Holdings Co. rejected a $39 billion takeover proposal from Alimentation Couche-Tard Inc. as too low and fraught with regulatory risk, while signaling a willingness to consider a sweetened offer.

Shares of the Japanese convenience store operator closed 1.4% lower on Friday, after swinging between gains and losses earlier in the session as investors weighed prospects for a deal. The operator of 7-Eleven shops published a letter outlining its response to Couche-Tard following a review of the proposal by a committee of independent outside directors.