Couche-Tard makes preliminary takeover bid for Japan's Seven&i

Investing.com -- Canadian convenience store giant Alimentation Couche Tard Inc (TSX: ATD) has made a preliminary offer to buy Japan's Seven&i Holdings (TYO:3382), the owner of the 7-Eleven chain, said on Monday.

Seven&i Holdings in a statement said that the company has received a confidential, non-binding acquisition proposal from Alimentation Couche-Tard.

In response to media reports regarding the bid, Seven&i Holdings confirmed that its board of Directors has formed a special committee to review the proposal. The committee is led by Stephen Hayes Dacus, who serves as chairperson of the board.

The company’s statement clarified that no decision has yet been made regarding the acceptance or rejection of Alimentation Couche-Tard’s proposal.

The board and the special committee have not entered into any formal discussions with Alimentation Couche-Tard or pursued alternative transactions at this time, the company said.

Shares of Seven&i Holdings closed 22.7% higher on Monday.

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