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Couche-Tard chairman says no hostile takeover bid for Seven & i, Nikkei reports
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Couche-Tard chairman says no hostile takeover bid for Seven & i, Nikkei reports
Nov 21, 2024 6:20 PM

TOKYO (Reuters) - Alimentation Couche-Tard ( ANCTF ) is not considering a hostile takeover bid for Japan's Seven & i ( SVNDF ), the Nikkei business daily quoted the Canadian suitor's chairman and co-founder, Alain Bouchard, as saying.

In an interview with Japanese media conducted in Canada on Thursday, Bouchard said a hostile bid "was not among factors being considered," indicating the company's intention to secure an amicable acquisition deal, the Nikkei reported.

Couche-Tard, which competes with Seven & i ( SVNDF ) in the North American gas station market, in August made an initial bid to take over the Japanese retail giant. It later raised its offer to $47 billion, in what would be the largest-ever foreign takeover of a Japanese company.

Seven & i ( SVNDF ), which operates more than 80,000 7-Eleven convenience stores around the world, is caught in a three-way tug-of-war between Couche-Tard, Seven & i's ( SVNDF ) founding family, which is proposing a management buyout, and company management who say their growth plan can enhance value.

Asked whether Couche-Tard could raise its bidding price further, CEO Alex Miller, who also attended the interview, said: "The current proposed price is attractive for all stakeholders."

(Reporting by Chang-Ran Kim; Editing by Lincoln Feast.)

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