The owner of the 7-Eleven convenience store chain received an offer competing with that of Alimentation Couche-Tard.
Posted at 6:32 a.m.
Seven & i Holdings management said Wednesday it had received an acquisition proposal from Junro Ito, vice chairman and board member of Seven & i Holdings, and Ito-Kogyo Co., a private affiliated with Junro Ito.
Junro Ito is part of the founding family of the Japanese company Seven & i.
Seven & i Holdings management clarifies that Junro Ito has been excluded from all discussions within the company, including board discussions, regarding any proposals from Junro Ito and Ito-Kogyo, Alimentation Couche-Tard, or any other competing proposal.
“We are committed to objectively examining all alternatives available to us as we study the proposals from Mr. Ito and Ito-Kogyo, from Couche-Tard, as well as the opportunities to unlock shareholder value that “offer to society,” comments Stephen Hayes Dacus, chairman of the special committee and the board of directors of Seven & i, in a press release.
The Japanese company revealed in August that it had received a purchase offer from Couche-Tard valued at US$40 billion and a few weeks later revealed that the Laval company had sent it a revised proposal.
Couche-Tard management subsequently confirmed to The Press that its revised offer is US$18.19 per share (US$47 billion or Canadian $64 billion).
The Japanese conglomerate rejected the initial offer as insufficient, but has still not publicly commented on the revised proposal.
The Financial Times also reports that “preliminary” discussions between Seven & i and Couche-Tard have begun, citing people familiar with the matter.
Seven & i Holdings maintains that no decision has been made to date to pursue any transaction with Mr. Ito and Ito-Kogyo, Couche-Tard, or any other party, and that there is no guarantee that ‘such transaction is concluded or completed.
In the meantime, the company intends to continue to focus on the execution of its business plans and the action opportunities it sees to realize and unlock shareholder value in the short to medium term.
