Seven & i and Couche-Tard take step toward possible deal with NDA
Last update: May 2, 2025
Global retailers have entered into a non-disclosure agreement, laying the groundwork for further discussions around a potential acquisition.
In a significant development for the global convenience retail sector, Japan’s Seven & i Holdings Co. and Canada’s Alimentation Couche-Tard Inc. have entered into a non-disclosure agreement (NDA), laying the groundwork for further discussions around a potential acquisition. The move signals continued interest from Couche-Tard in acquiring the Japanese conglomerate while leaving the door open for Seven & i to pursue growth independently, reports The Japan Times.
The agreement allows for the confidential exchange of information, a critical requirement for any potential friendly deal. Importantly, the NDA includes a provision barring Couche-Tard, operator of Circle K, from initiating a hostile takeover.
“This is a positive step in the constructive engagement process,” said Paul Yonamine, chair of Seven & i’s special committee evaluating the offer. “We remain committed to pursuing two parallel paths to ensure that value for shareholders and other stakeholders is maximized.” His comments underscore the company’s dual-track strategy of exploring the acquisition proposal while continuing to consider an independent growth plan.
Couche-Tard echoed a similar sentiment, emphasizing collaboration over confrontation. “There can be no assurance that these discussions will result in a transaction,” the company said in a statement. CEO Alex Miller added, “We look forward to working collaboratively with Seven & i in the interests of all stakeholders.”
The Canadian retailer first made its move in August 2024 with a proposal reportedly valued at more than 7 trillion yen (approximately $49 billion). Despite the attractive offer and engagement over regulatory considerations, Seven & i reaffirmed in March its intent to evaluate a standalone strategy.
The dialogue between two of the world’s largest convenience retail operators is being closely watched across the industry, as it could reshape the competitive landscape not just in Japan and North America, but globally.
