September 6, 20242 yr From BBC The Japanese owner of convenience store chain 7-Eleven has rejected a $38bn (£29.2bn) takeover bid from Canadian rival Alimentation Couche-Tard. In a letter addressed to the prospective buyer, Seven & i Holdings said the Circle K owner's offer "grossly" undervalued the company and was fraught with regulatory risk. The 7-Eleven owner added, however, that it remains open to negotiations and ready to consider a better proposal. If successful the buyout would create a 100,000-strong global convenience store giant. Stephen Dacus, the chair of the Seven & i board considering the deal, said in a letter that the proposal was "opportunistically timed". The proposal, Mr Dacus added, "grossly undervalues" the Japanese retail giant and its potential to generate more value for shareholders. Alimentation Couche-Tard (ACT), which is based in Quebec, runs around 17,000 shops across North America, Europe and Asia under the Circle K and Couche-Tard brands. The initial offer by the prospective buyer valued Seven & i at $14.86 per share. That's more than 20% above its share price before the offer was announced. The offer came when the Japanese yen is significantly weaker than the US dollar, making Seven & i more affordable to foreign buyers. 7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories. https://www.bbc.com/news/articles/cz9w74dwkgno
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