TOKYO: The Japanese proprietor of 7-Eleven mentioned on Friday (Sep 6) it had rejected a takeover bid from retail giant Alimentation Couche-Tard (ACT), saying the proposal “grossly undervalues” the corporate.
Because the world’s largest comfort retailer chain, 7-Eleven operates greater than 85,000 retailers globally.
A letter from the board of Seven & i Holdings to its Canadian rival mentioned it was open to “participating in honest discussions must you put forth a proposal that totally recognises our standalone intrinsic worth”.
“We don’t imagine, for a number of important causes, that the proposal you might have put ahead offers a foundation for us to have interaction in substantive discussions concerning a possible transaction,” it mentioned.
The acquisition of Seven & i Holdings could be the biggest-ever overseas takeover of a Japanese agency.
Such a merger would create a global comfort retailer behemoth combining 7-Eleven, Couche Tard, Circle Ok and different manufacturers throughout Asia, North America and Europe.
Seven & i has a market worth of round ¥5.6 trillion (US$39 billion). 7-Eleven shops are a beloved establishment in Japan, promoting all the pieces from ready-made meals to umbrellas.
The board’s letter mentioned ACT’s supply was US$14.86 per share in money.
ACT operates greater than 16,700 retailers in 31 international locations and territories.
