7-Eleven targeted by Circle K owner for huge convenience store tie-up
CNN
The Canadian owner of Circle K convenience stores has made a bid to buy 7-Eleven in what would be the biggest foreign takeover of a Japanese company on record.
The Canadian owner of Circle K convenience stores has made a bid to buy 7-Eleven in what would be the biggest foreign takeover of a Japanese company on record and the largest cross-border acquisition this year. In a statement Monday, Seven & I Holdings, the operator of 7-Eleven, confirmed it had received an offer from Canada’s Alimentation Couche-Tard to acquire all of its outstanding shares. Seven & I said it had formed a “special committee” to evaluate the proposal and that no decision had yet been made. “The special committee intends to conduct a prompt, careful, and comprehensive review of the proposal, the (Seven & I’s) stand-alone plans, and other alternatives for enhancing corporate value, after which a response will be made to (Couche-Tard),” it added. Couche-Tard confirmed what it called a “friendly” proposal to acquire Seven & I, but said “there can be no certainty” that a deal will be struck. “The company is focused on reaching a mutually agreeable transaction,” it added in a statement. It did not disclose financial details. Shares of Seven & I closed almost 23% higher in Tokyo Monday, pushing the company’s market value above $38 billion. That suggests a deal value in excess of any other foreign-led takeover in Japan since Dealogic started collecting data in 1995. It would also be the largest cross-border takeover globally in 2024, according to Dealogic.
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