Japanese owner of 7-Eleven receives another offer to rival Couche-Tard bid
A Couche Tard convenience store is shown in Montreal, Friday, October 5, 2012. (Graham Hughes/The Canadian Press)
The Japanese owner of 7-Eleven says it has received a new management buyout proposal from a member of the family that helped found the company.
The proposal for Seven & i Holdings Co. Ltd. by Junro Ito, who is a vice-president and director of the company, and his private company Ito-Kogyo Co. Ltd. follows an offer for the company from Canadian retailer Alimentation Couche-Tard Inc.
Terms of the non-binding offer by Ito were not disclosed.
In a statement Wednesday, Seven & i says its special committee has been reviewing the proposal with its financial advisers.
It noted that Ito has been excluded from all discussions within the company related to the offer and the bid by Couche-Tard.
The Canadian company made a revised offer for Seven & i last month after an earlier proposal was rebuffed by the Japanese firm because it was too low and did not fully address U.S. regulatory concerns.
This report by The Canadian Press was first published Nov. 13, 2024.
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