The operator of 7-Eleven has rejected an opening offer from the owner of convenience store rival Circle K, indicating the bid was too low and that its global business was worth more. In a statement Friday, Tokyo-based Seven & I Holdings, which owns 7-Eleven, said it was “open” to “sincerely consider” any proposal that is in the best interests of its shareholders.
The takeover bid has been closely watched in Japan because it came after the government made it harder for companies to ignore unsolicited offers. The changes to corporate takeover guidelines are expected to boost foreign investment into the country. A potential merger would have expanded Couche-Tard’s already impressive footprint across North America, where it operates Couche-Tard and Circle-K stores, and Europe, where it also runs Ingo fuel retailers.
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7-Eleven's parent company rejects takeover proposal, says offer ‘grossly undervalues' companyEven if the offer was raised “very significantly,” Seven & i said the bid does not consider the “multiple and significant…
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