12:53 PM EDT, 03/12/2025 (MT Newswires) -- Alimentation Couche-Tard ( ANCTF ) disclosed that it had submitted a yen-denominated non-binding proposal for Seven & i on Jan. 24, notes National Bank. The company believes there is a clear path to U.S. regulatory approval and noted its willingness to divest a base number of stores and provide a large reverse termination fee.

"We view these announcements to suggest progress has been modest, and continue to ascribe a low probability on deal culmination," writes analyst Vishal Shreedhar.

He adds that while Couche-Tard remains focused on an acquisition of Seven & i, there are alternative options if a deal does not culminate, including an increased focus on organic growth, smaller deals and share buybacks. Also, removal of a possible equity overhang would be beneficial in the short term.

Maintain Outperform; price target of $88.

Price: 69.07, Change: -0.52, Percent Change: -0.75