The owner of the 7-Eleven convenience store chain has received a competing offer to Alimentation Couche-Tard.
Seven & i Holdings management said Wednesday that it has received an acquisition proposal from Junro Ito, vice chairman and board member of Seven & i Holdings, and Ito-Kogyo Co., a private company affiliated with Junro Ito.
Junro Ito is part of the founding family of the Japanese company Seven & i.
Seven & i Holdings management clarifies that Junro Ito has been excluded from all discussions within the company, including board discussions, regarding any proposal from Junro Ito and Ito-Kogyo, Alimentation Couche-Tard, or any other competing proposal.
"We are committed to objectively examining all alternatives available to us as we consider the proposals of Mr. Ito and Ito-Kogyo, Couche-Tard, and the opportunities for shareholder value that are available to the Company," said Stephen Hayes Dacus, Chairman of the Special Committee and Chairman of the Board of Directors of Seven & i, in a statement.
The Japanese company revealed in August that it had received a purchase offer from Couche-Tard valued at US$40 billion and revealed a few weeks later that the Laval company had sent it a revised proposal.
Couche-Tard management subsequently confirmed to La Presse that its revised offer is $18.19 US per share ($47 billion US or $64 billion Canadian).
The Japanese conglomerate had rejected the initial offer as insufficient, but has yet to publicly comment on the revised proposal.
The Financial Times also reports that "preliminary" discussions between Seven & i and Couche-Tard have been initiated, citing people familiar with the matter.
Seven & i Holdings maintains that no decision has been made to date to pursue a transaction with Mr. Ito and Ito-Kogyo, Couche-Tard, or any other party, and that there is no assurance that such a transaction will be concluded or completed.
In the meantime, the Company intends to continue to focus on executing its business plans and on the opportunities it sees to realize and unlock shareholder value in the short to medium term.