7-Eleven owner confirms new takeover offer from Couche-Tard / Photo: Richard A. Brooks - AFP/File
-
RSC’s ‘Julius Caesar’ Reimagined in Women’s Prison Setting for School Tour
-
Rock & Roll Hall of Fame Inductees Announced; Attendance List Shrinks
-
Thomson Reuters Integrates CUBE Regulatory Intelligence into CoCounsel Legal
-
Below Deck alumnus João Franco and brother arrested after fatal Turkey fight
-
Ole Miss inquiry expands after video and monkey-noise allegations
-
Thousands of Urban Homes Left Without High-Speed Internet Due to Broadband Blackspots
-
General Hospital actor Randall England dies at 75
-
Bunnie XO artwork taken down from Jelly Roll’s Nashville bar
-
London museum removes Russell Brand hair exhibit after rape conviction
-
Arlington sentinel rebukes Pete Hegseth entourage for laughter near memorial
-
Yella Beezy sentenced to life for arranging rapper Mo3’s murder
-
Kylie Jenner employee describes closet ordeal and pepper-spray incident
-
Authorities to identify Montauk Mary and five other Long Island cold-case victims
-
Davante Adams injury deepens Los Angeles Rams receiver shortage
-
Barbie sequel negotiations stall over reported $25 million pay packages
-
João Franco’s earlier post draws attention after arrest over fatal Turkey brawl
-
Bath & Body Works launches buy-one-get-one-free candle offer
-
Alberta Launches $5M Fund for Women’s Neurology Research to Address Gender Gaps
-
Itlu Arjuna receives U/A certificate ahead of theatrical release
-
Dhananjaya de Silva guides Sri Lanka to 221-4 against Pakistan
-
Niraj Kumar earns Los Angeles Olympic quota with 50m rifle bronze
-
Delhi gold loses Rs 800 while silver falls Rs 5,000
-
India extends micro-credit guarantee plan for five years
-
Madlanga Commission Deadline Extended to 2027 Amid Calls for Structural Justice Reform
-
Pradeep Antony, Smeha Manimegalai portray secret spouses in Mr & Mrs Office
-
Zelenskyy arrives in Dublin for meetings on Ukraine and peace efforts
-
Woman barred from every Greggs outlet after series of offences
-
Jury hears social-media image helped identify teen in Scarlett Faulkner case
-
Ketchup packets link suspect to break-in at Eddie Rocket’s restaurant
-
American Airlines passenger falls ill and vomits on three travellers
-
OPEC Says Oil Output Is Near Prewar Levels Despite Shipping Disruptions
-
US Inflation Broadens as Fed Officials Consider Faster Rate Hikes
-
China's Singles' Day Exposes Persistent Consumer Caution
-
China's Trade Surplus Passes $1 Trillion as Technology Exports Surge
-
Energy Costs Push OECD Inflation Up to 4.5%
-
Bank of England Raises Interest Rate to 4% as Energy Risks Intensify
-
US Adds 165,000 Jobs as Unemployment Falls to 4.1%
-
China's Factory Inflation Accelerates While Consumer Demand Stays Weak
-
Euro-Area Inflation Reaches 4% as Energy Prices Jump
-
Spain's General Strike Links Housing Crisis to Lost Purchasing Power
-
Irish police prepare for further hoax bomb threats after hundreds of schools targeted
-
Korea, Singapore and New Zealand Advance Green Trade Pact Talks
-
RBA Inflation Target Origins: Why Australia Chose a Range Over Zero
-
Ireland and Ukraine consider drone cooperation memorandum after Dublin talks
-
Sister recounts fatal machete attack as Irish murder trial continues
-
Georgia refrigeration company sues EPA after five-year HFC reprieve
-
HoloCoder technology promises brighter smartphone images and 3D depth data
-
EU proposes broad consumer safeguards for apps, subscriptions and ticketing
7-Eleven owner confirms new takeover offer from Couche-Tard
The Japanese owner of 7-Eleven said on Wednesday it had received a "revised" takeover offer from Canadian rival Alimentation Couche-Tard after rejecting an initial bid worth around $40 billion.
7-Eleven is the world's biggest convenience store chain and has more than 85,000 outlets worldwide, around a quarter of those in Japan.
Seven & i Holdings did not give a figure for the revised offer from Alimentation Couche-Tard (ACT) but Bloomberg News and other media outlets reported that it totalled around seven trillion yen ($47 billion).
The takeover, if realised, would be the biggest foreign buyout of a Japanese firm.
"As requested by ACT, the Company has maintained, and intends to continue to maintain, the confidentiality of its current discussions with ACT," Seven & i, Japan's biggest retailer, said in a statement.
Seven & i announces its quarterly earnings on Thursday, with the CEO scheduled to address the media.
The group's shares closed up 4.7 percent on Wednesday, having surged nearly 12 percent in the morning following reports that ACT -- which owns Circle K -- had hiked its offer by almost 20 percent.
The reports said the new offer was sent to Seven & i on September 19 but said no substantive negotiations had taken place since then.
Seven & i rejected ACT's first offer last month, saying the $40-billion proposal "grossly" undervalued its business and could face regulatory hurdles.
7-Eleven began in the United States but the franchise has been wholly owned by Seven & i since 2005.
The stores are a beloved institution in Japan, selling everything from concert tickets to pet food and fresh rice balls.
Couche-Tard runs nearly 17,000 convenience store outlets worldwide.
By purchasing 7-Eleven, it is seeking to become "truly global", said Kai Li, a professor and Canada Research Chair in Corporate Governance at UBC Sauder School of Business.
"Couche-Tard has done well with Circle K acquisitions, expanding its footprint in the United States," she told AFP.
But "such a purchase might raise antitrust concerns" given that the combined entity would have "more market power" and could drive smaller operators out of business, Li said.
Japan's TV Tokyo reported that Seven & i is even considering changing its name "to demonstrate in name and substance that the company will focus on its mainstay convenience business".
Recent media reports have also said the company wants to strengthen its hand by selling off other assets such as its banking unit.
L.Durand--AMWN