Japanese convenience store owner 7-Eleven announced on Friday that it had rejected a takeover offer from Canadian retail giant Alimentation Couche-Tard because the proposal “underestimated” the company’s value.
7-Eleven is the largest convenience store chain in the world and operates more than 85,000 stores, almost 2,000 of them in Mexico.
In a letter from Seven & i Holdings, the brand’s owner, to its Canadian rival, the Japanese group’s management said it was open to engaging in “candid discussions if they present a proposal that fully recognises our intrinsic value.”
“We do not believe, for a number of reasons, that the proposal they have presented is a basis for us to engage in substantive discussions on a potential transaction,” he added.
The purchase of the conglomerate Seven & i Holdings, With a market value of $39 billion, it would be the largest foreign acquisition by a Japanese group.
Besides, 7-Eleven stores are an institution in Japanhighly valued by its population who buy everything from prepared meals to umbrellas there.
Media reports said the conglomerate had asked the Japanese government to declare parts of the company “essential” to the country, a category that would make the purchase difficult.
Alimentation Couche-Tard owns other global chains such as Circle-K and operates more than 16,700 stores in 31 countries and territories.
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