Alimentation Couche-Tard Shares Slide on Bid for 7-Eleven Operator in Japan
By Adriano Marchese
Alimentation Couche-Tard's shares fell Monday morning after it confirmed it submitted a non-binding proposal to Japan's Seven & i Holdings, the operator of 7-Eleven convenience stores.
Shares traded 1.3% lower at 82.48 Canadian dollars ($60.31), but dipped as low as C$79.60 closer to market open.
Couche-Tard, a Canadian company which operates a global network of convenience stores, said it is focused on reaching a mutually agreeable transaction that benefits both companies' customers, employees, franchisees and shareholders.
Earlier Monday, Seven & i said it had received an acquisition offer from its Canadian rival which triggered a 23% rise in Seven & i's share price in Tokyo.
Also on Monday, Couche-Tard agreed to acquire U.S.-based GetGo Cafe + Markets from supermarket retailer Giant Eagle for an undisclosed sum.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 19, 2024 10:12 ET (14:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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