, Seven & i Holdings Co. Ltd. said it had received a confidential and non-binding preliminary proposal from Couche-Tard to acquire all outstanding shares in the company, and had formed a special committee of independent outside directors to consider the bid.
Shares in Seven & i, which trades on the Tokyo exchange, were up almost 23 per cent on Monday following the company statement, pushing its market capitalization to 5.63-trillion yen . The prospective deal would be the largest acquisition of a Japanese company by a foreign one in history. About a quarter of those are in Japan, where the 7-Eleven brand is iconic and beloved, offering far more services than most Western rivals, from high-quality food options that can be eaten in-store, to ATMs and photocopiers.
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