7-Eleven owner rejects Couche-Tard’s takeover offer
Global News
The Japanese owner of 7-Eleven said the takeover proposal by the Canadian convenience store operator 'grossly undervalues' the company.
The Japanese owner of 7-Eleven has rejected a takeover offer from Quebec-based Alimentation Couche-Tard Inc.
Seven & i Holdings Co. Ltd. said the proposal by the Canadian convenience store operator “grossly undervalues” the company.
In a letter to Couche-Tard, Seven & i called its offer of US$14.86 per share in cash “opportunistically timed” and said the proposal was not in the best interest of its shareholders and other stakeholders.
“We are open to engaging in sincere discussions should you put forth a proposal that fully recognizes our stand-alone intrinsic value and addresses our concerns regarding certainty of closing in the current regulatory environment,” wrote Stephen Dacus, chair of the special committee formed to review the offer.
“However, we do not believe, for several critical reasons, that the proposal you have put forward provides a basis for us to engage in substantive discussions regarding a potential transaction.”
The Japanese company said the Couche-Tard bid did not adequately acknowledge the multiple and significant challenges such a transaction would face from U.S. competition regulators.
In addition to global convenience store chain 7-Eleven, Seven & i owns supermarkets, food producers, household goods retailers and financial services companies.
On Thursday, before Seven & i published its rejection, Couche-Tard said it was confident in its ability to finance and complete the proposed deal.
Kingston’s State of the City address tackled healthcare, housing, and trade challenges. Leaders shared plans for collaboration and optimism for solutions.
The unauthorized drone grounded a Canadian 'super scooper' that was deployed from Quebec to fight the destructive Pacific Palisades wildfire.
The former British Columbia premier said there wasn't enough time for her to mount a successful campaign and to 'effectively connect with Francophone Canadians in their language.'
Costco Canada is facing a proposed class-action lawsuit over allegedly charging its members higher prices for products bought online than in store.
To enhance border integrity between Saskatchewan and the United States, the government of Saskatchewan has introduced a Saskatchewan Border Security Plan.
The 37-year-old MP has served in government since 2015 when she was one of the many newly-elected Liberals when the party was swept into power with a majority.
'In a situation like this, you need change. You need to address the economy,' Mark Carney told 'Daily Show' host Jon Stewart in an appearance.
The discount carrier's schedule shows it will stop its four flights per week from Hamilton, Ont., to its home base in Reykjavik, which it uses as a stopover for trips to Europe.
Industry Minister François-Philippe Champagne plans to reveal his intentions for the Liberal leadership race Tuesday. So far, only two MPs have officially joined the contest.
While some report seeing increases in sales, others suggest the tax holiday has gone over 'like a lead balloon' for businesses worried about keeping track of tax rules.
Transport Canada says the Incentives for Zero-Emission Vehicles (iZEV) Program has been paused as "funds have been fully committed."
Saskatoon’s only supervised consumption site is raising alarm bells about an increase in overdoses in 2025.
The trial for a Halifax youth accused of participating in the killing of a 16-year-old student last year heard Monday from one of the victim’s friends.
The woman was bum sliding to descend the mountain, North Shore Search and Rescue said but could not control her speed and her foot got stuck while she continued to propel forward.
The Quebec government says thousands of people might have been exposed to measles at a shopping mall north of Montreal earlier this month.
Gadalof says the fires are being amplified by a severe drought from last year and unusually strong Santa Ana winds. Water-bombing pilots from Canada are helping fight the blazes.
January payments of the Canada Carbon Rebate will roll out in eight provinces on Wednesday to help individuals and families offset the cost of the federal pollution pricing.
The Quebec Liberal leadership race kicked off on Monday with candidates picking up endorsements, as the provincial party tries to broaden its appeal.