7-Eleven shares soar on reports of new Couche-Tard takeover offer

[Pelican Press 0]

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7-Eleven shares soar on reports of new Couche-***** takeover offer

Shares in the owner of convenience store giant 7-Eleven have jumped after a report that it has received a new takeover offer from ********* rival Alimentation Couche-*****.

The new offer values Japan’s Seven & i Holdings at more than $47bn (£36bn), which is around 20% higher than Couche-*****’s original offer, according to Bloomberg News.

In September, Seven & i rejected a $38bn approach from Couche-*****, saying it grossly undervalued the firm and that any potential takeover would face major regulatory hurdles.

BBC News has contacted Couche-***** and Seven & i for comment.

Seven & i shares were around 5% higher in morning trade in Tokyo after initially jumping by 9.5%.

The new offer was reportedly submitted to Seven & i on 19 September and no discussions between the two sides have taken place since.

After the previous offer was rejected, Seven & i was added by Japan’s Finance Ministry to a list of businesses that are considered to be “core” to the country’s national security.

The move, which is largely considered to have little impact on Couche-*****’s buyout attempt, forces prospective foreign investors in such ********* companies to seek a government review.

A ********* company of Seven & i’s size has never been bought by a firm from overseas.

Historically, companies from Japan were more likely to buy foreign businesses.

Last year, the ********* government issued new guidelines on mergers and acquisitions, which called on companies to not ******* credible takeover offers without proper consideration.

7-Eleven is the world’s biggest convenience store chain, with 85,000 outlets across 20 countries and territories.

If the deal went ahead, Couche-*****’s footprint in the US and Canada would more than double to about 20,000 sites and create a 100,000-strong global convenience store chain.

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#7Eleven #shares #soar #reports #CoucheTard #takeover #offer

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