Couche-Tard releases statement regarding Seven & i Holdings acquisition efforts
Alimentation Couche-Tard Inc. has issued the following statement regarding its proposal to acquire Seven & i Holdings, Ltd. (7&i).
In a statement released to the press, Couche-Tard writes that it has deep respect for 7&i and the business it has built in Japan and around the world, including its operating model, franchisee network and brand.
“For many years, we have firmly believed that there is a unique strategic fit between Couche-Tard and 7&i, and that we can achieve significantly more together than each of our companies can achieve individually, including accelerating the global growth of the iconic 7-Eleven brand and strengthening the 7&i business in many parts of the world,” the company stated. “We also firmly believe that a combination provides an opportunity for shareholders and stakeholders of both companies to realize significant value.
“In our most recent efforts to engage with 7&i with respect to a potential transaction, we have spent over six months attempting to enter fulsome, constructive, friendly discussions to reach a mutually agreeable transaction and have conscientiously worked to address the questions on our proposal posed to us by 7&i. We remain focused on entering into these more fulsome discussions and continue to be disappointed that engagement has been very limited and focused only on the path to U.S. regulatory approval.”
READ: Couche-Tard assembles U.S. stores to divest in hopes of advancing 7-Eleven deal
The company added that with the letters and commentary by the Board of Directors and management of 7&i made in the last week of the moves, “we believe it is in the best interest of all stakeholders to provide a comprehensive and transparent update on the proposal we have made to 7&i and the current status of discussions.”
Yesterday, 7&i reported that a special committee had been convened to examine and map out potential buyers of Couche-Tard U.S. convenience stores in efforts move the possible deal forward in an effort to satisfy U.S. antitrust regulations.
Earlier in the month, Nikkei Asia reported that Couche-Tard had established an entity in Japan tor further move plans forward in its efforts to take on 7&i the parent company of 7-Eleven.
