TOKYO — Alimentation Couche-Tard will not raise its offer again for the owner of 7-Eleven or launch a hostile bid, Japanese media on Friday quoted executives from the Canadian firm as saying.
Seven & i, owner of the world's biggest convenience store chain, has rejected a bid of nearly $40 billion by Canada's Couche-Tard, which then hiked its offer 20 percent.Last week, Seven & i said it was studying a counteroffer from the company's founding family reportedly worth 8 trillion yen .Japanese media quoted Couche-Tard CEO Alex Miller as saying the Canadian company would not sweeten its bid again.'We're not going to.
Co-founder and Chairman Alain Bouchard was cited as saying that a hostile takeover was also 'not in the plan' for ACT.A takeover by ACT would be the biggest-ever foreign buyout of a Japanese company and create a convenience store behemoth with some 100,000 outlets.The Yomiuri Shimbun daily reported that Bouchard said Seven & i Holdings' fresh food supply chain in Japan was excellent, and that he wanted to integrate it into ACT's services.
Rules Out Higher Offer For 7-Eleven
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