The proprietor of Japanese comfort retailer chain 7-Eleven has rejected a $38bn (£29.2bn) takeover bid from a Canadian rival.
Seven & i Holdings mentioned in a letter to Circle Okay proprietor Alimentation Couche-Tard (ACT) that the Canadian firm’s provide “considerably” undervalued the corporate and was fraught with regulatory dangers.
Nonetheless, the 7-Eleven boss added that it stays open to negotiations and able to take into account higher presents.
ACT didn’t instantly reply to BBC Information’ request for remark.
“The Particular Committee believes that your proposal is opportunistic and critically undervalues our path to independence and what we consider are different viable avenues for realizing and unlocking shareholder worth,” Seven & i mentioned within the letter, citing the institution of the proposal. of a particular committee.
ACT’s provide comes because the yen weakens sharply in opposition to the greenback, making Seven & i extra inexpensive for international consumers.
“Your proposals don’t absolutely acknowledge that such a transaction would face a number of and important challenges from U.S. competitors enforcement companies,” Seven & i’s letter added.
7-Eleven is the world’s largest comfort retailer chain, with 85,000 shops in 20 international locations and areas.
If the deal goes forward, ACT’s footprint in america and Canada will greater than double to greater than 20,000 websites.
