Alimentation Couche-Tard has told Seven & I Holdings that it wants to work together to agree on a "friendly” takeover, after the Japanese convenience store operator pushed back on the Canadian company’s initial proposal.
Couche-Tard remains "highly focused on consummating a transaction with Seven & I that is in the best interests of all constituencies,” the company said in statement that confirmed an earlier Bloomberg News report.
Seven & I shares rose 3.2% to ¥2,200 in early morning trading in Tokyo on Monday, giving the company a market value of about ¥5.7 trillion ($40 billion). That’s slightly higher compared with Couche-Tard’s initial proposal of about $14.86 per share. While Seven & I, the operator of 7-Eleven shops, rejected this as too low and fraught with regulatory risk, it signaled a willingness to consider a sweetened offer.
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