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TIMELINE-Couche-Tard pulls $46 billion bid for Japan's Seven & i
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TIMELINE-Couche-Tard pulls $46 billion bid for Japan's Seven & i
Jul 17, 2025 1:35 AM

(Adds yen-denominated bid in March 10 statement from

Couche-Tard, updates share price fall in last paragraph)

July 17 (Reuters) - Canadian retailer Alimentation

Couche-Tard ( ANCTF ) withdrew its $46-billion takeover offer for

Japan's Seven & i Holdings ( SVNDF ), blaming a lack of

constructive engagement by the Japanese retailer.

The deal for the operator of 7-Eleven "konbini" stores would

have been the biggest foreign buyout of a Japanese company.

Here is a timeline of the bid:

AUGUST 19, 2024

Couche-Tard, owner of Circle-K stores, says it has sounded

out Seven & i ( SVNDF ) about a potential takeover. The companies disclose

no offer value. Shares in Seven & i ( SVNDF ) surge almost 23% to 2161 yen

valuing the retailer at about 5.6 trillion yen ($38 billion).

SEPTEMBER 6, 2024

Seven & i ( SVNDF ) rejects Couche-Tard's offer of $14.86 a share,

valuing the company at $38.5 billion.

SEPTEMBER 13, 2024

Japan's finance ministry classifies Seven & i ( SVNDF ) as "core" to

national security, prompting speculation that this could help

defend it from a takeover.

OCTOBER 9, 2024

Couche-Tard raises bid for Seven & i ( SVNDF ) by 22%, valuing the

company at about $47 billion, sources say.

OCTOBER 10, 2024

Seven & i ( SVNDF ) unveils a plan to hive off underperforming

businesses into a holding company and focus on its convenience

stores, while assessing Couche-Tard's revised bid.

OCTOBER 16, 2024

U.S. fund Artisan Partners urges Seven & i ( SVNDF ) board to let

Couche-Tard undertake due diligence and negotiate a takeover

price, calling the Japanese retailer's restructuring plan "too

little, too late".

NOVEMBER 13, 2024

Seven & i ( SVNDF ) says it has received a potential $58-billion white

knight buyout bid from a member of its founding Ito family.

NOVEMBER 14, 2024

Artisan Partners urges it to consider a competitive bidding

process to secure the highest offer.

DECEMBER 25, 2024

Seven & i ( SVNDF ) receives first-round bids of more than $5 billion

from private equity firms KKR, Bain Capital and Japan

Industrial Partners for its non-core assets, sources say.

FEBRUARY 26, 2025

Japan's Itochu withdraws from the buyout for Seven & i ( SVNDF )

proposed by the retailer's founding family, two sources say,

while Couche-Tard reaffirms its commitment to a takeover.

FEBRUARY 27, 2025

The Ito family fails to secure financing for its $58 billion

buyout bid.

MARCH 6, 2025

Seven & i ( SVNDF ) appoints its first foreign CEO, Stephen Dacus,

tasking him with overhauling its business to engineer a recovery

and respond to Couche-Tard's takeover proposal.

MARCH 10, 2025

Seven & i ( SVNDF ) says it is in talks with Couche-Tard over a store

sale plan to help overcome U.S. antitrust concerns about a

merger of the top two players in its convenience store market.

Couche-Tard says it revised its proposed bid in January to

yen-equivalent of 2600 yen per share.

MARCH 11, 2025

Couche-Tard expresses frustration with Seven & i's ( SVNDF ) "limited

engagement", and says it sees a "clear path" to overcome U.S.

regulatory hurdles.

MARCH 13, 2025

Chairman Alain Bouchard says Couche-Tard could bolster its

offer if Seven & i ( SVNDF ) became more cooperative and revealed more

financial information.

MAY 1, 2025

Couche-Tard and Seven & i ( SVNDF ) sign a non-disclosure agreement

(NDA) giving the Canadian company access to the Japanese

retailer's financial data.

JULY 17, 2025

Couche-Tard withdraws its $46-billion bid, citing a lack of

constructive engagement by Seven & i ( SVNDF ) management and the Ito

family. Seven & i ( SVNDF ) says it remains "fully committed to our

standalone value creation plan". Its shares slide 9% to close

23% below the offer price.

($1=148.5700 yen)

(Compiled by Sonali Paul; Editing by Clarence Fernandez and

Kate Mayberry)

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