Seven & I says Couche-Tard buyout offer 'significantly' underestimates 7-Eleven operator's value
By Megumi Fujikawa
TOKYO - Seven & I Holdings said Friday that a buyout offer by Alimentation Couche-Tard "significantly" underestimated the value of the Japanese operator of 7-Eleven convenience stores.
Seven & I (JP:3382) said that Alimentation Couche-Tard (CA:ATD)offered to acquire all outstanding shares of Seven & I at $14.86 per share in cash.
"We are open to sincerely consider any proposal that is in the best interests of Seven & I shareholders and other stakeholders," the Japanese company said in a letter to the Canadian owner of Circle K convenience stores.
"However, we will resist any proposal that deprives our shareholders of the company's intrinsic value or that fails to specifically address very real regulatory concerns," it added.
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(END) Dow Jones Newswires
09-05-24 2226ET
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