"Seven & i has not engaged constructively to advance the transaction, contrary to public statements by Seven & i representatives," Couche-Tard stated in a letter to its board members. The Canadian retailer accused the Japanese company of delays and disruptions that harmed Seven & i's own shareholders.
Meanwhile, Seven & i, the owner of the 7-Eleven chain, expressed "disappointment with Alimentation Couche-Tard's decision" and "disagreed with the inaccurate characterizations" made by Couche-Tard. Following the news, Seven & i's shares on the Tokyo Stock Exchange fell by 9%.
 |
A 7-Eleven store in Tokyo (Japan). Photo: Reuters |
A 7-Eleven store in Tokyo (Japan). Photo: Reuters
In August 2024, Alimentation Couche-Tard initially proposed to acquire Seven & i Holdings for approximately 38 billion USD. A month later, Seven & i rejected the offer, citing "undervaluation."
By October 2024, Alimentation Couche-Tard had increased its bid by 22% to 47 billion USD. In March, the company expressed willingness to raise the offer further if Seven & i cooperated and provided additional financial data.
Alimentation Couche-Tard operates approximately 17,000 stores in 29 countries under the Couche-Tard and Circle K brands. The company is listed on the Toronto Stock Exchange with a market capitalization of 64.7 billion Canadian dollars (47 billion USD). They previously approached Seven & i with an acquisition proposal in 2020.
Seven & i operates nearly 90,000 7-Eleven stores globally. The company also owns supermarkets, a bank, and a restaurant chain. Seven & i's current market capitalization is 5,230 billion yen (35.1 billion USD). In May, they appointed Stephen Dacus as their first foreign CEO in an effort to restructure their business operations.
Ha Thu (Reuters)
