- Couche-Tard makes takeover bid for Japanese giant Seven & i Holdings.
- Reuters reports that the talks are "at a very early stage."
The Japanese company has publicly confirmed that it has received a "confidential, non-binding and preliminary" offer from ACT to acquire all of the company's shares. The Seven & i Holdings board has established a special Committee of the Board of Directors in this matter, chaired by Stephen Hayes Dacus. It will examine the takeover offer.
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Couche-Tard wants 7-Eleven
– The Commission intends to conduct a "prompt, careful and comprehensive" evaluation of the ACT proposal and other alternatives aimed at increasing the value of the company, after which a decision will be made. Neither the Board of Directors nor the Special Committee has taken any decisions on this matter at this time. The company will announce its decision promptly – the Japanese company says.
How much is 7-Eleven worth?
The Japanese company's shares rose 22.7% on the news, giving it a market value of 5.6 trillion yen ($38 billion). Couche-Tard is valued at about $58 billion (€52.5 billion).
Reuters reports that the talks are “in the very early stages.” According to the Nikkei business daily, which first reported the offer, if the deal goes through, it would be the largest-ever buyout of a Japanese company by a foreign company.
In 2020, 7-Eleven and Couche Tard were rival bidders for the US takeover of petrol station chain Speedway, which the Japanese company ultimately bought for $21 billion (€19.01 billion).
The Japanese company is currently under pressure from investors to sell underperforming assets and double down on its global convenience store business around its flagship 7-Eleven brand.
