Shares of Seven & I Holdings were stuck in choppy trading after the company denied a media report that it was rebuffing a $47 billion takeover offer from Canada’s Alimentation Couche-Tard.
The company, which owns the 7-Eleven convenience stores, said it is still having constructive discussions with Couche-Tard.
That was contrary to a report in the Yomiuri daily earlier Tuesday that said Seven & I plans to reject the takeover proposal over antitrust concerns in the U.S. The news dragged the company’s stock lower by as much as 11.7%, and it was still trading down by 7.8% after the denial as investors remained watchful of Seven & I’s stance.
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