TOKYO: Shares of the owner of 7-Eleven plunged on Tuesday (Mar 4) after a report said the Japanese retailer plans to reject a multibillion-dollar takeover offer by Canada’s Alimentation Couche-Tard (ACT).
Seven & i, which operates some 85,000 convenience stores worldwide, last year rebuffed an ACT offer worth nearly US$40 billion that would have been the biggest foreign buyout of a Japanese firm.
The Yomiuri daily reported that a special committee scrutinising ACT’s raised offer of reportedly around US$47 billion has decided formally to say no to that too.
The decision was due in part to antitrust concerns, given Seven & i and ACT’s overlapping network of stores in the United States, the daily added.
Seven & i shares were down 8 per cent at ¥2,023 in afternoon trade in Tokyo having earlier declined as much as 12 per cent, touching their lowest in a little more than six months.
Source: CNA
