The Japanese company that owns the famous 7-Eleven convenience store chain said Monday that a Canadian competitor has made an offer to buy it out after its stock price went up.
Alimentation Couche-Tard ATD -0.32% has sent Seven & I Holdings 3382 22.71% an offer to buy the company. This comes after the company’s stock rose 23% after a Nikkei report about the talks.
Seven & I said it has set up a special committee to look over the proposal and put together a list of its own plans and other ways to increase the value of the company.
Alimentation Couche-Tard runs both the CAN chain Couche-Tard and the US chain Circle K.
LSEG data shows that if the bid was higher than Monday’s price, which puts the value of Seven & I at $38 billion, it would be the biggest foreign takeover in Japan.
