7-Eleven’s parent company has received a takeover bid from Canada-based Alimentation Couche-Tard, a deal that could form a new global retail behemoth with over 100,000 stores.
Seven & i Holdings (based out of Japan) has established a committee of independent directors to review the offer, as reported by Bloomberg.
In a statement, Seven & i said its committee will conduct a “prompt, careful and comprehensive review of the proposal,” according to Bloomberg.
Under the proposal, Couche-Tard would acquire all of Seven & i’s outstanding shares. The company’s market value was $31B before its shares soared 23% on Monday following news of the potential merger, bringing its value to $38B.
Meanwhile, the Canadian company, which operates brands like Couche-Tard, Circle K and On the Run, is valued at about $58.5B.
In a confirmation to Bloomberg, Couche-Tard called the bid a “friendly, non-binding proposal.”
Seven & i was created as a result of the integration of Ito-Yokado, Seven-Eleven Japan, & Denny’s Japan. It owns 85,000 stores, primarily in the US and across Asia.
The potential merger would be subject to approval by Canadian regulators.
