Alimentation Couche-Tard recently held its first media event in Japan following 7&i’s March 10 news release, in which the Japanese company laid out several potential paths forward with regards to an acquisition. One suggestion included the divestment of all Couche-Tard c-stores in America.
Now, Couche-Tard has responded by telling Japanese media that it would potentially increase its offer for 7&i, which currently sits at $47 billion, should the company engage more deliberately in negotiation efforts.
“It is time for Seven & i to engage in more fulsome, good faith discussions,” read a bullet point in Couche-Tard’s investor presentation.
The Canadian company emphasized in its presentation that it is “committed to a transaction and (has) made a clear, actionable proposal.”
Couche-Tard also stated that it has identified a clear path to obtaining U.S. regulatory approvals, however Reuters reported that 7&i officials have not received word on potential solutions to antitrust concerns.
Aside from the acquisition talks and back-and-forth between the two companies, 7&i has also seen some changes within its company. Reuters also reported on Tuesday that 7-Eleven CEO Joe DePinto will step down from his position on the 7&i board. Additionally, 7&i announced on March 12 that two of its independent directors, Jenifer Simms Rogers and Elizabeth Miin Meyerdirk, have resigned, effective March 11.
“Even after the directors’ resignation, the company will meet the requirements for the number of directors prescribed by laws and regulations and the company’s articles of incorporation,” the company noted in an announcement to investors.
Couche-Tard has confirmed that it is working with 7&i on a potential divestiture plan, which includes a “firm commitment on number of stores and significant termination fee.”
CStore Decisions will continue to closely monitor the ever-changing situation between the Canadian and Japanese companies. The implications are serious — if the deal were to go through, it would result in the single largest foreign buyout in Japanese history, according to Reuters.
