Canada's Couche-Tard makes preliminary bid for Japanese retail giant Seven & i
Recasts and writes through
By Anton Bridge
TOKYO, Aug 19 (Reuters) -Japanese retailer Seven & i holdings 3382.T, operator of the 7-Eleven convenience store chain, said on Monday it has received a preliminary takeover offer from Canada's Alimentation Couche-Tard ATD.TO.
Shares in Seven & i surged by 22.7% or their daily trading limit of 400 yen, giving it a market value of 5.6 trillion yen ($38 billion). Couche-Tard is valued at roughly $58 billion.
Seven & i said it has formed a special committee to review the proposal but no decision has been made by either the committee or board of directors.
Alimentation Couche-Tard did not immediately respond to a request for comment outside of usual working hours.
The talks are "at a very early stage," a source familiar with the matter told Reuters.
If the deal goes through, this would be the largest ever buyout of a Japanese firm by an overseas company, according to the Nikkei business daily which first reported on the offer.
In 2020, Seven & i and Couche Tard were rival bidders to take over U.S. gas station chain Speedway, which the Japanese company ended up purchasing for $21 billion.
Seven & i has been under pressure from activist investors to sell off underperforming assets and double down on its global convenience store business centred around its flagship 7-Eleven brand.
($1 = 146.2200 yen)
Reporting by Rocky Swift, Anton Bridge and Makiko Yamazaki; Editing by Edwina Gibbs
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