Couche-Tard ‘disappointed’ after 7-Eleven owner rejects takeover offer

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Couche-***** ‘disappointed’ after 7-Eleven owner rejects takeover offer

Alimentation Couche-***** Inc. says it is “disappointed” in a refusal of its takeover offer by the ********* owner of 7-Eleven and ******** focused on reaching a deal.

In a news release Sunday, the Quebec-based convenience store operator argued its proposal offers clear strategic and financial benefits and it believes the two companies can reach a mutually agreeable transaction.

Seven & i said in a statement Monday that it ******** open to talks if Couche-***** puts forth a proposal that “fully recognizes Seven & i’s stand-alone intrinsic value” and addresses its regulatory concerns.

“As our board has previously discussed and stated, we do not believe that the proposal (Couche-*****) put forward provides a basis for us to engage in substantive discussions regarding a potential transaction,” the company said.

On Friday, Seven & i said it was rejecting the takeover offer.

Story continues below advertisement

In a letter to the Quebec company, Seven & i said that the takeover offer “grossly undervalues” the ********* company, and said the proposal was not in the best interest of its shareholders and other stakeholders.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Get daily National news

Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Seven & i called the offer of US$14.86 per share in cash opportunistically timed and raised concerns about regulatory approval for the deal.

In its Sunday statement, Couche-***** said it’s “highly confident” further discussions would lead to the ability to find increased value for Seven & i shareholders.

“Given the mutual benefits of a combination, we are disappointed in (Seven & i’s) refusal to engage in friendly discussions,” the company said.

The Quebec company added it has offered to enter a non-disclosure agreement to enable both sides to share further information, which was rejected.

Couche-***** said in its release that it would jointly work together with Seven & i to secure regulatory approvals.

“Couche-***** has a successful history and track record of acquisitions and working with U.S. and other regulators,” the Quebec company said, adding it believes it would address regulatory considerations in Japan as well.

This is the hidden content, please

• Sign In
• or
• Sign Up

/applications/core/interface/js/spacer.png">

0:56
Winnipeg 7-Eleven applies for dining room ******* licence

Trending Now

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Wasp frenzy? Why you might be getting stung more this year

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Bloc Québécois looks to make deals with Liberals as NDP ends agreement

Couche-***** said it ******** focused on reaching a deal with Seven & i that is in the best interests of all parties.

Story continues below advertisement

Analysts had previously raised concerns about whether a deal was possible due to the difficult task of satisfying ********* regulators, which could force Couche-***** to shed some of its assets.

But before the ********* company’s rejection announcement Friday, Couche-***** had said it was confident in its ability to finance and complete the proposed deal.

“We see a strong opportunity to grow together, enhance our offerings to customers and deliver a compelling outcome for the shareholders, employees and key constituencies of both companies,” CEO Alex Miller told analysts last Thursday on a conference call discussing the company’s latest earnings.

Couche-***** currently operates across 31 countries, with more than 16,800 stores. A successful deal with Seven & i could add 85,800 stores to its network.

Seven & i owns not only the 7-Eleven chain, but also supermarkets, food producers, household goods retailers and financial services companies.

More on Canada
More videos

&copy 2024 The ********* Press

This is the hidden content, please

• Sign In
• or
• Sign Up

#CoucheTard #disappointed #7Eleven #owner #rejects #takeover #offer

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up