7-Eleven Owner Confirms It Received Buyout Offer From Canada’s Couche-Tard

Seven & i Holdings, the parent company of the 7-Eleven convenience store chain, announced on Monday that it has received a buyout offer from its Canada-based rival, Alimentation Couche-Tard.
Seven & i stated that it has formed a special committee of independent outside directors to conduct a “prompt, careful, and comprehensive review” of the proposal.
The financial terms of the proposal have not been disclosed.
Seven & i said that no decision has been made by either the committee or board of directors about the proposal, including whether to enter into discussions with Couche-Tard or pursue any alternative transaction.
Couche-Tard, which operates Circle-K convenience stores, also confirmed Monday that it submitted a “friendly” and “non-binding” proposal to the Japanese retailer.
The Canadian convenience store operator said that it aims to achieve a “mutually agreeable transaction” that could benefit the customers, employees, franchisees, and shareholders of both companies.
Under pressure from activist investors, Seven & i has been selling off underperforming retail assets and doubling down on its global convenience store business centered around its flagship 7-Eleven brand.
Since last year, the company has announced the closure of dozens of Ito-Yokado supermarkets, exited its apparel business, and completed the sale of its Sogo & Seibu department store unit.