Deals
Couche-Tard Pushes for Seven & I Deal Talks After Rejection
- Canadian company ‘disappointed’ with initial rejection
- Deal would be biggest foreign takeover of a Japanese company
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Alimentation Couche-Tard Inc. told Seven & i Holdings Co. that it wants to work together to agree on a “friendly” takeover, after the Japanese convenience-store operator pushed back on the Canadian company’s initial proposal.
In a sign that talks are set to intensify, Circle K owner Couche-Tard said in a statement that it remains “highly focused on consummating a transaction with 7&i that is in the best interests of all constituencies,” confirming an earlier Bloomberg News report. Seven & i followed that up with a short statement later on Monday, saying that it would be willing to talk if Couche-Tard tables a proposal that “fully recognizes Seven & i’s standalone intrinsic value.”