(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)