Eleven owner gets buyout offer from Canada firm behind Circle K

In a significant move, Canadian convenience store giant Alimentation Couche-Tard (ACT) has proposed a bid to acquire Japan's Seven & I Holdings, the parent company of the globally recognized 7-Eleven chain. This potential acquisition, if successful, would mark the largest foreign takeover of a Japanese company on record, surpassing previous foreign-led transactions since 1995. Seven & I confirmed the receipt of a preliminary offer and has established a special committee to evaluate the proposal, emphasizing a thorough review process. The bid comes in the wake of recent reforms in Japan that have made it more challenging for companies to dismiss unsolicited offers, potentially paving the way for increased foreign investment. Seven & I operates over 83,000 stores worldwide, including 7-Eleven and Speedway gas stations in the U.S. The company has been under pressure from activist investors to enhance shareholder value, which may influence its response to Couche-Tard's offer. ACT, which operates more than 16,700 stores across North America and Europe, aims to acquire all outstanding shares of Seven & I. The financial specifics of the bid remain undisclosed, but it is speculated to be valued at approximately 5.6 trillion yen (£29.7 billion). Should the deal proceed, it could face scrutiny from competition regulators, given the overlapping markets in North America. The origins of 7-Eleven trace back to Texas in the 1920s, with its expansion into Japan largely credited to the late entrepreneur Masatoshi Ito, who passed away last year. The outcome of this bid could reshape the landscape of the convenience store industry globally.