Alimentations Couche-Tard is seeking talks with Seven and i Holdings after the Japanese convenience giant rejected its $38.5 billion acquisition bid. Seven and i, which operates the 7-Eleven banner, said Couche-Tard’s all-cash offer was not in shareholders’ interests and could create problems with competition regulations in the U.S.
In a statement, the Canadian retailer, which owns the Circle K banner, said it was prepared to explore any divestments necessary to clear regulatory hurdles. Seven and i countered that the proposal low-balls its actual value but that it was open to “sincere discussions.”
