Japanese report says 7-Eleven operator sees takeover bid as 'low'
The Peninsula
Tokyo: The Japanese operator of 7 Eleven plans to ask its Canadian rival Couche Tard to revisit its takeover proposal, calling the existing offer low...
Tokyo: The Japanese operator of 7-Eleven plans to ask its Canadian rival Couche-Tard to revisit its takeover proposal, calling the existing offer "low", a media report said Thursday.
The proposed purchase of Seven & i Holdings by Alimentation Couche-Tard (ACT) would be among the biggest foreign takeovers of Japanese firms, combining 7-Eleven, Couche Tard, Circle K and other brands across Asia, North America and Europe.
Seven & i Holdings plans to send a letter to ACT as early as Friday to say that there were also concerns regarding competition law, the Nikkei business daily said without citing sources.
"It appears that the company has determined that the acquisition price offered was low and that Seven & i's corporate value was not properly evaluated," the business daily said.
"Discussions with ACT regarding the proposed acquisition will continue," the Nikkei said.
