Canada’s Alimentation Couche-Tard has increased its offer for Japan’s Seven & I Holdings by more than 20 per cent after its original proposal was rejected.
The new bid is $18.19 per share, compared to the previous $14.86 per share, Nikkei reported, citing people with knowledge of the deal.
Seven & I’s closing price was 2230 yen (US$15.05) on the Tokyo Stock Exchange on Tuesday, which would value the new offer at approximately 7 trillion yen ($47.27 billion).
Alimentation Couche-Tard, which owns the Circle K convenience store chain, made its first bid for Seven & I in August. The deal, if successful, would be the largest-ever buyout of a Japanese firm by an overseas company.
However, the 7-Eleven parent rejected the offer early last month, saying it was inadequate and was not in the interest of shareholders.
Couche-Tard responded in a statement that it remained confident the two parties could reach a “mutually agreeable” deal. The company added it was willing to enter into collaborative and friendly discussions to find greater value for Seven & I and its shareholders.
