Couche-Tard pushes for 7-Eleven acquisition after rejection

The Canadian company has issued an official response after Seven & i Holdings declared that the offer for its convenience business undervalued the brand.

Alimentation Couche-Tard continues its push for acquiring Seven & i Holdings’ 7-Eleven convenience store brand after the latter rejected its original offer of approximately $39 billion.

The Canadian owner of the Circle K brand issued an official statement in which it declared that it was "disappointed” by the Japanese company’s refusal to establish a friendly negotiation.

“We believe a combination would significantly enhance the important roles our companies play in our customers' daily lives. Together, we would create a leading global retail platform with over 100,000 sites spanning Asia-Pacific, North America, Australia, and Europe,” stated the company in an official press release.

Originally, Seven & i rejected the offer as it “grossly undervalued” 7-Eleven’s position and future opportunities within the convenience store market. As The Japan Times reported, the company’s shares grew 3.2% on Monday, increasing its market value to $40 billion.

Currently, Couche-Tard operates a retail network consisting of over 16,800 stores across North America, Europe, and Asia, according to its official website.

Seven & i Holdings employs around 77,000 people globally, with its convenience store operations overseas generating most of its sales, according to LSEG data.