Alimentation Couche-Tard Confirms Bid for Japanese Operator of 7-Eleven

By Adriano Marchese

Alimentation Couche-Tard confirmed Monday that it has submitted a "friendly, non-binding proposal" to Japan's Seven & i Holdings, which operates 7-Eleven convenience stores globally.

Earlier on Monday, Seven & i Holdings received an acquisition offer from its Canadian rival, which triggered a 23% rise in Seven & i's share price in Tokyo.

Couche-Tard, a Canadian operator of convenience stores, said that it is focused on reaching a mutually agreeable transaction that benefits both companies' customers, employees, franchisees and shareholders.

The company has a network of 16,700 stores across Canada, the U.S., and Mexico, as well as across the Atlantic in central and eastern Europe, and throughout Asia.

Seven & i Holdings said earlier that it had set up a special committee of outside directors to examine the offer. The company said it would "carefully and comprehensively" analyze the offer and compare it with other options to improve the company's value.

Couche-Tard cautioned that there can be no certainty that any transaction will materialize, and said that it doesn't expect to issue any other public statements regarding discussions until an agreement is reached.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

August 19, 2024 08:53 ET (12:53 GMT)

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