Couche-Tard raises stakes with new offer to 7-Eleven

The Japanese company has confirmed the new proposal without disclosing the amount offered by the Canadian giant.

Some weeks after Alimentation Couche-Tard announced sending an acquisition offer to 7-Eleven, the Canadian retail giant has  raised the stakes in response to the Japanese company’s refusal.

Seven & i Holdings, parent company of the 7-Eleven brand, has confirmed receiving a new offer by its competitor. Although the sum has not been revealed, Reuters reported that, if it were to be completed, this could mean a transaction worth  $47 billion.

This represents a 22% increase from the original offer, which it was previously revealed consisted of $14.86 per share, or approximately $38.5 billion in total. The most recent offer could represent the biggest deal in an overseas takeover of a Japanese firm.

In its official statement, Seven & i announced that it will not reveal the details of this new proposal and plans to keep negotiations confidential as requested by Couche-Tard.

Previously, Seven acknowledged its openness to consider potential proposals, but declined Couche-Tard’s as it "grossly undervalued" 7-Eleven’s position and future opportunities within the convenience store market.

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