7-Eleven rejects multibillion-dollar offer from Circle K owner for huge convenience store merger
CNN
The operator of 7-Eleven has rejected an opening offer from the owner of convenience store rival Circle K, saying its business is worth more.
The operator of 7-Eleven has rejected an opening offer from the owner of convenience store rival Circle K, indicating the bid was too low and that its global business was worth more. In a statement Friday, Tokyo-based Seven & I Holdings, which owns 7-Eleven, said it was “open” to “sincerely consider” any proposal that is in the best interests of its shareholders. “However, we will resist any proposal that deprives our shareholders of the company’s intrinsic value or that fails to specifically address very real regulatory concerns,” it said in the statement. Seven & I confirmed that the offer from Canada’s Alimentation Couche-Tard, which operates Circle K, to acquire all of its outstanding stock was made at $14.86 per share in cash, making the potential deal worth $38.5 billion, according to a calculation from Reuters. The Financial Times reported on Thursday that Seven & I was open to the possibility of a higher offer from its suitor. Shares in Seven & I have rallied since the news of the offer broke last month, pushing its market value above $38 billion. That had suggested a deal value in excess of any other foreign-led takeover in Japan since Dealogic, a financial analytics firm, started collecting data in 1995. It would also have been the largest cross-border takeover globally this year, according to Dealogic.
Run 3 Space | Play Space Running Game
Traffic Jam 3D | Online Racing Game
Duck Hunt | Play Old Classic Game
If Meta investors had concerns about the company’s huge spending on artificial intelligence infrastructure and talent, they’re likely to be assuaged by its blockbuster earnings report on Wednesday. The results, as one analyst put it, indicates that “AI is becoming a real revenue driver, not just hype.”
World oil supply will rise more rapidly than expected this year and next as OPEC+ members further increase output and supply from outside the group grows, the International Energy Agency said Wednesday.
American families, weary of high grocery prices, are looking for ways to cut costs.
In MAGA world, Stephen Miran, the White House economist President Donald Trump nominated last week to the Federal Reserve’s top ranks, is a force to be reckoned with.
Geoffrey Hinton, known as the “godfather of AI,” fears the technology he helped build could wipe out humanity — and “tech bros” are taking the wrong approach to stop it.
The severely indebted real estate developer China Evergrande, already in the process of liquidation, said on Tuesday it will be delisted from Hong Kong’s stock exchange on Aug. 25, another setback to mainland China’s property sector.
EJ Antoni, President Donald Trump’s pick to lead the Bureau of Labor Statistics, is no longer considering suspending the monthly jobs report — one of the most crucial and historic measurements of US economic activity — after proposing the unprecedented action during an interview that published Tuesday.
Artificial intelligence search company Perplexity has made an unsolicited, $34.5 billion offer to purchase Google’s Chrome browser, a surprise move by a Google Search challenger that’s looking to upend how people find information online.
President Donald Trump is, once again, opening the door to firing Federal Reserve Chair Jerome Powell.
Inflation didn’t rise as much as expected last month — but a measurement of underlying price hikes shows a pickup in tariff-related pressures.
Eastman Kodak, the 133-year-old photography company, is warning investors thats it might not survive much longer.
Shakedown capitalism
Norway’s $2 trillion sovereign wealth fund, the world’s largest, said on Tuesday it expects to divest from more Israeli companies as part of its ongoing review of investments in the country over the situation in Gaza and the West Bank.