Seven & I Holdings has said it’s engaging with Alimentation Couche-Tard on ways to ease antitrust concerns over a potential combination of the retailers while denying conflict-of-interest allegations raised by a major shareholder.
Couche-Tard, the Canadian convenience store and gas station operator that owns the Circle K brand, proposed last year to purchase Seven & I for $18.19 per share, but hasn’t been able to enter negotiations with the Japanese company.
The operator of 7-Eleven stores has been fending off the $47.5 billion buyout approach by pursuing an overhaul of the company to unlock shareholder value. Last week it announced sweeping changes, including board director Stephen Dacus taking over as chief executive officer, the sale of its superstore business for $5.4 billion, a share buyback program worth ¥2 trillion ($13.5 billion) and a listing of its U.S. business.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.