05:17 PM EDT, 10/09/2024 (MT Newswires) -- Media reports on Wednesday indicate that Alimentation Couche-Tard Inc. ( ANCTF ) has sent Seven & i a revised offer price of US$18.19 per share.

National Bank, for its part, has kept a Sector Perform rating and C$85 target on Couche-Tard.

National Bank believes this upwardly revised price is "significant in telegraphing ATD's interest, but doesn't represent the final price". The bank believes that ATD is still in the early phases of deal negotiation, and this process could continue to unfold through 2025. In the interim, National Bank said, financial performance, which has recently been lacklustre, will govern share price performance.

The new takeout price, National Bank noted, suggests an enterprise value (EV) for Seven & i of near $66 billion. National said its updated analysis implies ATD EPS accretion of 20-39%.

ATD was down $0.61 at $73.79 on the TSX today.