Alimentation Couche-Tard is looking to acquire another major retailer in Seven & i, owner of the popular 7-Eleven retail chain.
Coach Tard revealed in a press release on Monday that the Canadian company, whose brands include Coach Tard, Circle K and Enjo, had “recently” sent a “friendly, non-binding offer” to Japan’s Seven & I.
Seven & i owns a range of retail stores, supermarkets and other businesses under its umbrella, including 7-Eleven. It has approximately 85,000 total stores worldwide.
In its own statement, the 7-Eleven owner described the Koch-Tard offer as “confidential, non-binding, preliminary” and aimed at “acquiring all of the outstanding shares of the company.”
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Seven & i is traded on the Tokyo Stock Exchange.
The Japanese company promised a “prompt, careful and comprehensive” review of the Coach Tarde bid using a newly formed special committee. The group will consider its own plans and “other alternatives,” the company said.
“Neither the Board nor the Special Committee has made any decision at this time to accept or reject the proposal from ACT, enter into discussions with ACT or pursue any alternative transaction,” Seven & I said.
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Couche Tard said it was “focused on reaching a mutually acceptable deal” but noted that “there can be no certainty at this stage that any agreement or transaction will be reached”.
The acquisition of Seven & i is likely to significantly increase Couche-Tard’s footprint beyond the 16,700 stores it operates.
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The two companies are scheduled to announce their final quarterly financial results in the next two months.
Coach Tard announced last week that its first-quarter earnings are scheduled to be released on September 4. Meanwhile, Seven & I plans to report third-quarter results in October.
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