Couche-Tard Proposes Acquisition of Seven & i, Owner of 7-Eleven

Alimentation Couche-Tard, the Canadian convenience store giant, has made a move to acquire Seven & i Holdings, the parent company of the well-known 7-Eleven chain. In a press release issued on Monday, Couche-Tard disclosed that it submitted a "friendly non-binding proposal" to the Japan-based company, which operates approximately 85,000 stores worldwide, including convenience stores and supermarkets. Seven & i confirmed receipt of the proposal, describing it as "confidential, non-binding, and preliminary." The company stated that it aims to conduct a "prompt, careful and comprehensive" review of Couche-Tard's offer through a newly established special committee. This committee will evaluate the proposal alongside Seven & i's own strategic plans and other potential alternatives. As of now, Seven & i's Board of Directors and the special committee have not made any decisions regarding the proposal, including whether to engage in discussions with Couche-Tard or consider other options. Couche-Tard expressed its commitment to achieving a mutually beneficial agreement but acknowledged that there is no guarantee that a deal will materialize. Should the acquisition proceed, it could significantly expand Couche-Tard's presence, which currently includes 16,700 stores. Both companies are expected to release their quarterly financial results soon, with Couche-Tard's first-quarter earnings set for September 4 and Seven & i's third-quarter results anticipated in October.