Japanese 7-Eleven owner says rejected initial takeover offer from Canadian rival

TOKYO: &nbsp, The Japanese owner of 7-Eleven said on Friday ( Sep 6 ) it had rejected a takeover bid from retail giant Alimentation Couche-Tard (ACT), saying the proposal “grossly undervalues” the company.

As the country’s biggest pleasure store string, 7-Eleven operates more than 85, 000 outlets worldwide.

In a letter from Seven &amp, i Holdings ‘ board to its Canadian rival, it was stated in a letter that the company was “open to engaging in genuine discussions if you set forth a proposal that fully acknowledges our standalone fundamental value.”

For a number of essential reasons, we do not think the proposal you have put forth provides a foundation for us to engage in serious discussions regarding a possible transaction, the statement said.

The largest foreign acquisition of a Chinese company has ever been made, with the purchase of Seven &amp, i Holdings.

A similar consolidation would result in a global comfort business behemoth that combines Couche Tard, Circle K, and different models in Asia, North America, and Europe.

Seven &amp, i has a market price of around ¥5.6 trillion ( US$ 39 billion ). 7-Eleven shops are a favorite organization in Japan, selling anything from ready-made foods to umbrellas.

The club’s email said ACT’s present was US$ 14.86 per communicate in cash.

ACT operates more than 16, 700 retailers in 31 countries and territories.