08:05 PM EDT, 09/08/2024 (MT Newswires) -- Alimentation Couche-Tard Inc. ( ANCTF ) , a global player in convenience stores, overnight Sunday issued a statement regarding the response letter sent by the Board of Directors of Seven & i Holdings Co., Ltd. in response to Couche-Tard's friendly, non-binding proposal.

It said: "We continue to have strong conviction that a combination with 7&i has clear strategic and financial benefits for both companies' customers, employees, franchisees and shareholders. We believe that, working together, we can successfully reach and complete a mutually agreeable transaction. We believe a combination would significantly enhance the important roles our companies play in our customers' daily lives. Together, we would create a leading global retail platform with over 100,000 sites spanning Asia-Pacific, North America, Australia, and Europe. Our complementary businesses, shared values and excellent strategic fit would allow us to achieve significantly more together than we could individually. This includes further expanding the iconic 7-Eleven brand internationally, enhancing relationships with franchisees around the globe and attracting and retaining world-class talent. Together, we can drive growth, learn from each other's operating expertise, benefit from shared best practices and deliver excellence to customers. This collaboration would also help us achieve both companies' sustainability goals and drive innovation for the benefit of all stakeholders."

The Globe and Mail newspaper reported Friday that the Japanese parent of the 7-Eleven chain of convenience stores had rejected a bid from Couche-Tard, saying the proposal, which would have been the largest foreign takeover of a Japanese business in history, grossly undervalues the company. The Globe had previously reported on a potential US$50-billion friendly deal.

Friday's report noted Seven & i Holdings Co., Ltd. had been widely expected to resist the Canadian takeover even after changes to Japanese mergers and acquisitions guidelines in recent years have made doing so harder.

In a letter disclosed to investors Friday, Stephen Dacus, chair of a special committee tasked with considering the offer, said it was "not in the best interest of 7&i shareholders and other stakeholders."