Couche-Tard Raises 7-Eleven Owner Bid to $47 Billion, 20% Premium, Shares Surge 10%

Oct 9, 2024, 04:04 AM

Alimentation Couche-Tard has increased its acquisition offer for Seven & i Holdings, the parent company of 7-Eleven, to approximately $47 billion. This revised bid represents a 20% premium over its previous offer, which was rejected. The new offer values Seven & i shares at about $18.19 each, reflecting the Canadian company's continued interest in acquiring the Japanese retailer. Following the announcement, shares of Seven & i surged by 10% in Tokyo trading. In response to the takeover approach, Seven & i is reportedly looking to strengthen its defenses by selling non-core assets. The Quebec public pension fund has indicated it may provide financial support for Couche-Tard's bid, should it proceed. Seven & i's CEO, Ryuichi Isaka, is expected to make a public appearance soon, marking his first since the bid was proposed.