Japanese 7-Eleven convenience store chain operator turns down Couche-Tard takeover offer
The parent company of the Japanese 7-Eleven convenience store chain is turning down a takeover offer from Alimentation Couche-Tard of Canada
TOKYO (AP) — The parent company of the Japanese 7-Eleven convenience store chain said Friday that it’s turning down a takeover offer from Alimentation Couche-Tard Inc. of Canada.
In a letter made public, Stephen Dacus, who heads a special committee of outsiders examining the proposed takeover, received last month, said the committee carefully reviewed the offer to acquire all outstanding shares of Seven & i Holdings Co. for $14.86 per share in cash.
That calculates to about $38.6 billion, or 5.5 trillion yen at the current exchange rate.
The Seven & i share price was gradually falling over several months earlier this year, until it surged over the news of the takeover. It traded at 2,133.5 yen ($14.92) on the Tokyo Stock Exchange Friday, down 1.4%.
