From CNBC: 2024-09-06 00:02:27

Canadian convenience store operator Alimentation Couche-Tard Inc. proposed to acquire Seven & i Holdings Co., which owns 7-Eleven, in a record foreign takeover of a Japanese company. Seven & i rejected the offer, citing undervaluation and regulatory issues. Hedge funds like Artisan Partners urge consideration of the offer due to overseas growth potential.

Seven & i Holdings plans to expand globally with 7-Eleven and divest underperforming assets. The preliminary proposal from Alimentation Couche-Tard Inc. offered to acquire shares at $14.86 apiece. Seven & i chairman Stephen Dacus criticized the offer, stating it undervalued the company’s growth potential and posed regulatory challenges.

Seven & i Holdings rejected Alimentation Couche-Tard Inc.’s takeover bid for 7-Eleven, citing undervaluation and regulatory challenges. The proposal faced criticism from hedge fund Artisan Partners and discussions on the company’s overseas growth potential. Investors weigh in on the potential deal, with mixed opinions on the need for radical reform.

Read more: 7-Eleven’s parent company rejects takeover proposal, says offer ‘grossly undervalues’ company