11:03 AM EST, 11/26/2024 (MT Newswires) -- Alimentation Couche-Tard Inc.'s ( ANCTF ) chief executive says the company is taking a "persistent" but "friendly" approach with the Japanese owner of the 7-Eleven convenience store chain it's trying to acquire, The Canadian Press is reporting Tuesday.

Alex Miller said Tuesday that he remains confident in that approach and the Laval, Que.-based firm's ability to finance and close on the non-binding bid for Seven & i Holding Co. Ltd.

"We continue to see a strong opportunity to grow together and enhance our offerings and service to millions of customers across the globe," Miller told analysts on a call meant to discuss the company's second-quarter earnings.

The report noted that since Couche-Tard made its bid for Seven & i in mid-August, it has faced an uphill battle to close the deal. First, Seven & i criticized the offer as too low to seriously consider, pushing Couche-Tard to up its bid. Then, Junro Ito, a member of the family that helped found Seven & i and the company's vice-president and director, made a rival buyout proposal earlier this month.

Media reports have suggested the founding family will finalize funding for the buyout at the end of December and take Seven & i private by the end of February 2025, Desjardins analyst Chris Li said. "We believe the proposed buyout by the founding family further lessens the likelihood of Alimentation Couche-Tard ( ANCTF ) winning the deal, as we expect Alimentation Couche-Tard ( ANCTF ) to exercise financial discipline," he wrote in a note to investors Tuesday.

Miller, however, said he still sees Couche-Tard's bid as "the most compelling outcome for all shareholders, employees and key constituent constituencies of both companies."

A successful bid would marry Seven & i's empire of 7-Eleven convenience stores, supermarkets, food producers, household goods retailers and financial services companies with Couche-Tard's own sprawling network.

Couche-Tard, which employs 149,000 people, has more than 16,800 stores in 31 countries. About 13,000 of those locations sell fuel.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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