COUCHE-TARD TRIES TO SELL JAPANESE PUBLIC ON $47 BILLION BID FOR 7-ELEVEN – Couche-Tard has been pursuing Seven & i since August
Alimentation Couche-Tard took its case for its $47 billion takeover of Seven & i straight to the Japanese public, marking a change in strategy by the low-key Canadian firm in response to what it described as months of stonewalling by the 7-Eleven owner.
Couche-Tard, which owns the Circle-K convenience store chain, has been pursuing Seven & i since August, when it unveiled an initial bid that it has since increased to acquire the Japanese retailer.
Speaking to reporters, Couche-Tard founder and chairman, Alain Bouchard, said his company was “disappointed” in the level of engagement it had had with Seven & i over the deal, which would require the approval of the target’s board and shareholders as well as regulators.
The resulting regulatory scrutiny could lengthen the timeline on any potential deal, Couche-Tard CEO Alex Miller said, adding that he anticipated “significant interest” in the company’s proposed package of divestitures intended to ease regulatory concerns.
The companies are the top two players in the U.S. convenience store market, with about 20,000 locations between them.
