Seven & i Holdings has issued a statement rejecting Alimentation Couche-Tard Inc.’s (ACT) proposed takeover bid. The Japanese retail giant maintains that the offer undervalues the company and does not provide a basis for meaningful negotiations. They have also declined to sign a non-disclosure agreement (NDA) or engage in further discussions.
Seven & i Holdings emphasizes that they are open to genuine conversations with ACT if the Canadian convenience store chain submits a proposal that acknowledges the company’s true worth and addresses the concerns raised by their Special Committee, particularly regarding regulatory issues.
In the meantime, Seven & i Holdings will focus on executing its existing business strategy and pursuing initiatives to unlock shareholder value in the near future.
This statement comes after ACT announced their intention to acquire Seven & i Holdings earlier this week. The proposed transaction would create a global retail giant, merging ACT’s North American convenience store network with Seven & i’s vast portfolio of retail businesses in Japan, including its 7-Eleven convenience stores.
However, Seven & i Holdings has made it clear that they are not interested in a deal unless it is on their terms. They are determined to protect the interests of their shareholders and ensure the company’s long-term success.
