Police arrest Toronto woman in connection with three recent homicides
Police have arrested a Toronto woman in connection with three recent homicides and investigators say that they believe two of the victims may have been 'randomly targeted.'
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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