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Couche-Tard to approach Seven & i again after $38.5 billion offer rejection, Bloomberg News reports
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Couche-Tard to approach Seven & i again after $38.5 billion offer rejection, Bloomberg News reports
Sep 8, 2024 5:51 PM

Sept 8 (Reuters) - Alimentation Couche-Tard ( ANCTF )

plans to tell 7-Eleven operator Seven & i Holdings ( SVNDF ) that

it was still keen to pursue an acquisition, Bloomberg News

reported on Sunday citing people familiar with the matter.

The Canadian convenience retailer plans to write to the Japanese

retailer in the coming days to reiterate its interest in a deal

and has not ruled out going directly to the shareholders with

its bid, the report said.

Couche-Tard and Seven & i ( SVNDF ) did not immediately respond to a

Reuters request for comment.

Seven & i ( SVNDF ), which said last month it had received an offer

from Circle-K owner Couche-Tard without naming the price,

disclosed the bid was at $14.86 a share and said it was open to

"sincerely consider" any proposals.

The proposal could signal a willingness to offer a higher

price if Seven & i ( SVNDF ) agrees to friendly negotiations, the report

said citing one person familiar with the matter.

The 7-Eleven operator has said the proposal is not in the

best interest of its shareholders and could face antitrust

challenges in the U.S., as the combined entity would be the

convenience store industry's biggest by a considerable margin.

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