Parent company of 7-Eleven convenience stores | Couche-Tard has improved its purchase offer, according to Bloomberg

Alimentation Couche-Tard has presented a new purchase offer to the parent company of 7-Eleven convenience stores, Bloomberg reported Tuesday evening.

Based on information from people who asked not to be identified because the information is not public, Bloomberg specifies that the new offer at US$18.19 per share was sent to Seven & i on 19 september. No substantial negotiations have taken place since the new offer, these people added.

The enhanced offer would amount to US47 billion (CAN64 billion), which represents an increase of some 20% compared to the initial offer sent in August and quickly rejected by Seven & i Holdings. The initial offer was set at US$14.86, for a valuation of nearly US$40 billion (CAN54 billion).

This new test shows that Couche-Tard does not give up easily, writes the agency. His takeover attempt is closely followed around the world to assess Japan’s seriousness in its desire to open the capital of its domestic companies to foreign investors.

Seven & i is due to present its quarterly results on Thursday and its management will undoubtedly be questioned about its resistance to Couche-Tard’s approach.