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“We
are continuing to pursue a friendly, mutually agreeable
transaction,” the chairman and founder of Alimentation
Couche-Tard, Alain Bouchard, told reporters in Tokyo.
Bouchard stressed that his company was pursuing a “friendly”
transaction, not a hostile takeover. He reiterated his promise
to retain local management, saying the merger would be good for
7-Eleven’s business.
The chain has more than 20,000 stores nationwide and more than
80,000 outlets around the world, serving an estimated 63 million
customers a day, according to Tokyo-based Seven & i Holdings Co.
In rejecting the Canadian company’s offer, Seven & i Holdings
said it intends to boost its own corporate value. It also has
raised antitrust concerns that it says will come up in the U.S.
Seven & i appointed a new chief executive this month and
announced a share buyback and said it will sell its supermarket
subsidiary to U.S. private equity firm Bain Capital, to help
boost its value and fend off the acquisition.
Last year, Couche-Tard, which operates Circle K stores, proposed
acquiring all of Seven & i Holdings shares for $14.86 per share
in cash. Media reports now say the offer is for $18.19 per
share, or about 7 trillion yen ($47 billion).
Seven & i has made public a letter that Stephen Dacus, its new
chief executive, sent to Bouchard in September, explaining why
it was rejecting the Canadian company's offer.
“The proposal is not in the best interest of 7&i shareholders
and other stakeholders. We are open to engaging in sincere
discussions should you put forth a proposal that fully
recognizes our standalone intrinsic value,” Dacus wrote.
Convenience stores, known as “conbini” in Japan, are popular,
offering various services such as paying utility bills and
selling concert tickets, while selling various everyday goods.
Seven & i announced a restructuring plan last year to strengthen
its U.S. business and streamline operations, closing some
Ito-Yokado supermarkets in Japan. In 2023, Seven & i sold its
Sogo & Seibu department stores in Japan to Fortress Investment
Group, a U.S. fund, for $1.5 billion.
Couche-Tard, founded in 1980 in Quebec, offers coffee, beer,
snacks, fuel and lottery tickets. It runs more than 16,800
stores worldwide, including in the U.S., Europe and Asia.
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