Seven & i on Friday declined the preliminary proposal that Alimentation Couche-Tard made last month to acquire the Japanese corporate parent of the 7-Eleven convenience store chain. The decision was a "unanimous" one from Seven & i’s board based on a unanimous recommendation of the special committee that the company put together to weigh the proposal, Chairman Stephen Dacus wrote in a letter.
The rejection of the preliminary proposal came slightly less than three weeks after both Couche-Tard and Seven & i revealed an acquisition offer had been put forward by the Canadian company. The 7-Eleven parent had vowed at the time to promptly disclose its decision once its special committee had completed its review of Couche-Tard’s proposal. It also said it planned to look at stand-alone plans and "other alternatives.