STORY: Japan’s Seven & i said Monday (August 19) it has received a preliminary takeover offer.
The bid for the 7-Eleven owner comes from Canada’s Alimentation Couche-Tard.
The update sent shares of the Tokyo-listed company surging almost 23%, and valued Seven & i at around $38 billion.
Couche-Tard operates Circle-K convenience stores, and is valued at around $58 billion.
Seven & i said it has formed a special committee to review the proposal.
It added no decision has been made by either that committee or its board of directors.
Couche-Tard did not immediately respond to a request for comment outside of its usual working hours.
A source close to the deal said talks are “at a very early stage.”
A buyout of Seven & i would be the biggest purchase of a Japanese company by an overseas firm.
One analyst said it…
