TOKYO, SEPT 6 – The Japanese owner of 7-Eleven said today it has rejected a takeover bid from Canadian grocery giant Alimentation Couche-Tard (ACT), saying it was too low to value the company.
The proposed purchase of Seven & i Holdings would be the largest foreign acquisition of a Japanese company and would combine 7-Eleven, Circle K and other retailers across Asia, North America and Europe.
As the world’s largest chain of convenience stores, 7-Eleven operates more than 85,000 outlets worldwide.
Although the brand started in the United States, since 2005 it has been wholly owned by Seven & i.
“The letter from the Seven & i board to ACT said, it is very open to engage in discussions if they present a proposal that fully recognizes our internal values.
“We do not believe, for a number of critical reasons, that the proposal they put forward gives us the basis to engage in substantive discussions regarding potential transactions,” he said.
ACT operates more than 16,700 branches in 31 countries and territories.
Seven & i said ACT had offered US$14.86 per share in cash, which roughly corresponds to its market value of US$39 billion. – AFP
