Alimentation Couche-Tard says several potential buyers have made proposals to acquire its convenience stores in the U.S. that overlap with Seven & I Holdings, showing progress toward a deal that could help the Canadian retailer win regulatory approval for its proposal to buy its Japanese rival.
The two agreed earlier this year to discuss the potential divestment of more than 2,000 stores in the U.S. and seek out interested parties in order to address concerns by Seven & I over a merger being blocked by the U.S. Federal Trade Commission. Couche-Tard also pushed back against any parallels to a failed $24.6 billion merger of grocery chains Kroger and Albertsons.
Seven & I, which operates 7-Eleven, Speedway and Sunoco stores, has pushed back against Couche-Tard’s unsolicited ¥7.39 trillion ($51.3 billion) takeover proposal and is overhauling its business under new Chief Executive Officer Stephen Dacus to raise its value. Despite the resistance, Couche-Tard, the parent company of Circle K, has advanced discussions by securing a non-disclosure agreement two months ago to gain access to financial information and potentially raise its bid.
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