TOKYO:  , 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 &, 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 &, 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 &, 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.