{"id":14814,"date":"2025-07-17T08:15:29","date_gmt":"2025-07-17T08:15:29","guid":{"rendered":"https:\/\/infundpros.com\/?p=14814"},"modified":"2025-07-17T08:15:32","modified_gmt":"2025-07-17T08:15:32","slug":"alimentation-couche-tard-drops-its-46bn-pursuit-of-7-eleven-owner","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14814","title":{"rendered":"Alimentation Couche-Tard drops its $46bn pursuit of 7-Eleven owner"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description o3-type-body-base\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=3311f06e-fe9c-4537-b9d0-d9d01e648a5c\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Canada\u2019s Alimentation Couche-Tard has withdrawn its record-breaking $46bn proposal to acquire Japan\u2019s Seven &amp; i Holdings, bringing an end to its year-long campaign to pull the 7-Eleven owner to the negotiating table on friendly terms.<\/p>\n<p>Couche-Tard, which owns the Circle K chain, on Thursday said a lack of \u201cconstructive engagement\u201d by Seven &amp; i had prompted it to withdraw the unsolicited takeover proposal that would have resulted in the largest foreign acquisition of a Japanese company.<\/p>\n<p>Shares in Seven &amp; i fell 9.2 per cent on Thursday to \u00a52,008, which is 22 per cent below the Couche-Tard offer price.<\/p>\n<p>The withdrawal of Couche-Tard\u2019s proposal closes a chapter that had electrified the Tokyo stock market, and rekindled global investor hopes that a large and active market for takeovers of Japanese companies was finally being established. <\/p>\n<p>Couche-Tard said in a letter to Seven &amp; i\u2019s board: \u201cThere has been no sincere or constructive engagement from 7 &amp; i that would facilitate the advancement of any proposal.\u201d <\/p>\n<p>It added: \u201cYou have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7 &amp; i and its shareholders.\u201d<\/p>\n<p>The 2024 bid by the Canadian group, which placed a hefty 48 per cent premium on the pre-bid value of the target company, had prompted large numbers of event-driven hedge fund investors to hold the stock.<\/p>\n<p>Traders had predicted a heavy sell-off of Seven &amp; i\u2019s shares, given the large number of hedge funds that had bought the stock on the expectation that the deal would ultimately succeed. \u201cSome may guess there is a chance that Couche-Tard comes back with a hostile bid, but I\u2019m not sure how much conviction there will be behind that,\u201d said one Tokyo-based broker.<\/p>\n<p>The fact that the bid emerged at all was widely interpreted as evidence that Japan was finally opening up to the possibility of large-scale takeovers by foreign buyers.<\/p>\n<p>Several of Seven &amp; i\u2019s largest shareholders have said the deal tested Japan\u2019s wider progress on corporate governance reform, transparency and attention to shareholder interests.<\/p>\n<p>The two sides had agreed to work on a solution to address competition authorities\u2019 concerns. These included a possible sale of 2,000 stores in the US where their store footprint significantly overlapped.<\/p>\n<p>The Canadian group\u2019s approach prompted the Japanese retail group to overhaul management, sell a stake in domestic general merchandise stores and draw up plans to list its US arm.<\/p>\n<p>Seven &amp; i confirmed the end of discussions and the withdrawal of Couche-Tard\u2019s proposal. \u201cWhile we are disappointed by ACT\u2019s decision, and disagree with their numerous mischaracterisations, we are not surprised,\u201d Seven &amp; i said in a statement.<\/p>\n<p>Since the initial proposal, there had been significant changes in the global economy, exchange rates and markets, it said. Seven &amp; i added that it remained committed to its own plan, which it described as \u201cconcrete and actionable\u201d.<\/p>\n<p>Seven &amp; i\u2019s founding Ito family had attempted to muster a $58bn management buyout with the support of trading house Itochu as an alternative to Couche-Tard that would have kept the retailer under Japanese ownership. But this attempt was dropped in February because of the difficulty in raising funds.<\/p>\n<p>In the letter, Couche-Tard revealed it had proposed an alternative structure under which it would acquire the entirety of Seven &amp; i outside of Japan and 40 per cent of the Japanese operations.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/3311f06e-fe9c-4537-b9d0-d9d01e648a5c\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Canada\u2019s Alimentation&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14814","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alimentation Couche-Tard drops its $46bn pursuit of 7-Eleven owner | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Canada\u2019s Alimentation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14814\" 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