The Japanese owner of 7-Eleven said Friday it had rejected a takeover bid from retail giant Alimentation Couche-Tard (ACT), saying the proposal "grossly undervalues" the company.
As the world's biggest convenience store chain, 7-Eleven operates more than 85,000 outlets globally.
A letter from the board of Seven & I Holdings to its Canadian rival said it was open to "engaging in sincere discussions should you put forth a proposal that fully recognizes our standalone intrinsic value."
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