Fri Sep 06 02:35:13 UTC 2024: – Seven & i Holdings Co. rejected a $39 billion takeover proposal from Alimentation Couche-Tard Inc. as too low and fraught with regulatory risk
– The Japanese convenience store operator closed 1.4% lower on Friday after considering the proposal
– Couche-Tard valued Seven & i at about $14.86 per share, which is below a recent one-year peak seen in February
– Seven & i is open to further negotiations but will resist any proposal that fails to address regulatory concerns or undervalues the company
– A deal between the two companies could create a global convenience store behemoth with over 100,000 stores but may face scrutiny from US competition authorities and the Japanese government
– The takeover attempt comes as Seven & i has been under pressure from activist shareholder ValueAct Capital Management LP to focus on 7-Eleven’s operations and pivot away from other businesses

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