Fri Sep 06 16:06:00 UTC 2024: – Seven & i Holdings, the Japanese owner of 7-Eleven, has rejected a takeover bid from Alimentation Couche-Tard, saying it “grossly undervalues” the company.
– The board of Seven & i Holdings is open to engaging in discussions if a proposal recognizes the company’s intrinsic value.
– The purchase of Seven & i Holdings would be the biggest-ever foreign takeover of a Japanese firm.
– Seven & i Holdings has a market value of around $39 billion and operates various businesses in addition to 7-Eleven.
– The board raised concerns about regulatory challenges and the timing of ACT’s proposal.
– Seven & i Holdings has reportedly asked the Japanese government to designate parts of the company as “core,” which would make a takeover more difficult.

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