7-Eleven, a grocery chain born in the USA but very popular in the Asian market, especially in Thailand and Japan, has rejected the Canadian Alimentation Couche-Tard, which made a $39 billion acquisition offer!
7-Eleven said the offer of about $15 per share was below what it deserved. Japan-based Seven & i Holdings, which sent a letter to the Canadian company today, said “$14.86 is not in the best interest of our shareholders.” However, the holding company said, “We are ready to come back to the table if an offer reflects our true value.”
Japan has recently undergone major institutional reforms, one of which was to promote a policy of caring for shareholders. The proposal comes at just the right time.
Canada-based Alimentation Couche-Tard, which made the offer, operates more than 16,000 Couche-Tard and Circle K convenience stores in Europe and North America.
