Alimentation Couche-Tard Inc. says it is "disappointed" in a refusal of its takeover offer by the Japanese owner of 7-Eleven and remains focused on reaching a deal.
In a news release Sunday, the Quebec-based convenience store operator argued its proposal offers clear strategic and financial benefits and it believes the two companies can reach a mutually agreeable transaction.
Seven & i said in a statement Monday that it remains open to talks if Couche-Tard puts forth a proposal that "fully recognizes Seven & i's stand-alone intrinsic value" and addresses its regulatory concerns.
"As our board has previously discussed and stated, we do not believe that the proposal (Couche-Tard) put forward provides a basis for us to engage in substantive discussions regarding a potential transaction," the company said.
On Friday, Seven & i said it was rejecting the takeover offer.
In a letter to the Quebec company, Seven & i said that the takeover offer "grossly undervalues" the Japanese company, and said the proposal was not in the best interest of its shareholders and other stakeholders.
Seven & i called the offer of US$14.86 per share in cash opportunistically timed and raised concerns about regulatory approval for the deal.
In its Sunday statement, Couche-Tard said it's "highly confident" further discussions would lead to the ability to find increased value for Seven & i shareholders.
"Given the mutual benefits of a combination, we are disappointed in (Seven & i's) refusal to engage in friendly discussions," the company said.
The Quebec company added it has offered to enter a non-disclosure agreement to enable both sides to share further information, which was rejected.
Couche-Tard said in its release that it would jointly work together with Seven & i to secure regulatory approvals.
"Couche-Tard has a successful history and track record of acquisitions and working with U.S. and other regulators," the Quebec company said, adding it believes it would address regulatory considerations in Japan as well.
Couche-Tard said it remains focused on reaching a deal with Seven & i that is in the best interests of all parties.
Analysts had previously raised concerns about whether a deal was possible due to the difficult task of satisfying Japanese regulators, which could force Couche-Tard to shed some of its assets.
But before the Japanese company's rejection announcement Friday, Couche-Tard had said it was confident in its ability to finance and complete the proposed deal.
"We see a strong opportunity to grow together, enhance our offerings to customers and deliver a compelling outcome for the shareholders, employees and key constituencies of both companies," CEO Alex Miller told analysts last Thursday on a conference call discussing the company's latest earnings.
Couche-Tard currently operates across 31 countries, with more than 16,800 stores. A successful deal with Seven & i could add 85,800 stores to its network.
Seven & i owns not only the 7-Eleven chain, but also supermarkets, food producers, household goods retailers and financial services companies.
This report by The Canadian Press was first published Sept. 8, 2024.
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Having a plan and an emergency kit before Hurricane Milton strikes is paramount and, for many Floridians, heeding warnings to evacuate could be a life-saving decision, emergency officials say.
Republican presidential candidate Donald Trump said on Monday there are 'a lot of bad genes' in the United States, while discussing murders allegedly committed by immigrants living illegally in the United States.
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Georgia's highest court reinstated a ban on nearly all abortions after about six weeks of pregnancy on Monday while it considers the U.S. state's appeal of last week's ruling by a lower court judge blocking the law.
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The U.S. Supreme Court on Monday rejected an appeal from Martin Shkreli, who was once dubbed 'Pharma Bro' after jacking up the price of a lifesaving drug.
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A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
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Celine Dion introduced the marquee Dallas Cowboys - Pittsburgh Steelers Sunday Night Football game before getting drenched by orange Gatorade.
McGill University has agreed to drop a legal challenge of its law faculty's right to unionize, bringing an official end to a strike during which law professors walked off the job for more than five weeks this fall.
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A Canadian soldier who was exposed to toxic chemicals from burn pits while serving in Afghanistan has been awarded full medical compensation for testicular cancer after Veterans Affairs initially denied his claim.
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A teacher working on a First Nation in northwestern Ontario has been charged with sexually assaulting a minor.
The North Bay Battalion hockey team is mourning the loss of a former player who died at 23 after a battle with cancer.
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The London Knights have just become instant favourites for another Ontario Hockey League (OHL) championship.
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Officers arrested a man accused of pointing a firearm at two people in Barrie over the weekend.
The Ambassador Bridge border crossing is ‘temporarily closed’, according to the Canada Border Services Agency website.
On the first day of National Fire Prevention Week, Windsor Fire and Rescue Services is issuing an urgent call to action to ensure every home has working smoke alarms.
Students in Sports and Recreation Management at Lambton College have been given the opportunity to work alongside the Detroit Tigers and Detroit Red Winds through their Fundraising and Sport Sponsorship course.
Major crime investigators have been called to the scene of a suspected homicide in the northern Vancouver Island community of Port Hardy.
The First Nations Health Authority in British Columbia says online hackers gained access to an array of personal information including medical test results and insurance claims during a cybersecurity breach last May.
A Canadian soldier who was exposed to toxic chemicals from burn pits while serving in Afghanistan has been awarded full medical compensation for testicular cancer after Veterans Affairs initially denied his claim.
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A Lethbridge police officer involved in a scandal involving former Lethbridge New Democrat MLA Shannon Phillips has been reprimanded.
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Greater Sudbury in partnership with the Organization for Economic Co-operation and Development, is hosting the organization's annual mining conference.
As part of an ongoing investigation, provincial police are seeking the public’s assistance in locating a Kubota tractor stolen in North Shore Township, Ont., last month.
A 33-year-old man was arrested Saturday for allegedly spraying bear mace at three individuals in northwestern Ontario.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people’s basic human right to food.
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