Circle K operator Alimentation Couche-Tard Inc. made a proposal to take over much larger rival and 7-Eleven owner Seven & i Holdings Co., in what would be the...
7-Eleven got its start in Dallas and the U.S. arm of the Japanese-owned convenience store brand is based in Irving.Inc. made a proposal to take over much larger rival and 7-Eleven owner Seven & i Holdings Co., in what would be the biggest foreign takeover of a Japanese company. A merger would create the world’s top operator of roughly 100,000 convenience stores.
Seven & i has come under pressure from activist fund ValueAct Capital Management LP over perceptions that its assets could be worth more and to narrow its focus to 7-Eleven stores, saying that as a standalone listed company the convenience-store business could be worth as much as ¥8,500 per share. Seven & i shares closed at ¥2,161 Monday.
“I don’t think Seven & I would want to sell and without an attractive cash offer,” Kato said. “The probability of something happening is quite slim.” Although American in origin, the convenience store concept turned out to be transformational for the Japanese company, which fully took over the chain in 2005 in the US and embraced it as part of its name. Over the years, 7-Eleven evolved into a franchise offering affordable food, beverages and daily goods, as well as municipal and delivery services.
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