Alain Bouchard, chairman of Canada’s Alimentation Couche-Tard
Canada’s Alimentation Couche-Tard reaffirmed yesterday that it is determined to acquire Seven & i Holdings, although the operator of Japan’s top convenience store chain has rejected its offer.
“We are continuing to pursue a friendly, mutually agreeable transaction,” the chairman and founder of Alimentation Couche-Tard, Alain Bouchard, told reporters in Tokyo.
Bouchard stressed that his company was pursuing a “friendly” transaction, not a hostile takeover. He reiterated his promise to retain local management, saying the merger would be good for 7-Eleven’s business.
The chain has more than 20,000 stores nationwide and more than 80,000 outlets around the world, serving an estimated 63 million customers a day, according to Tokyo-based Seven & i Holdings Co.
In rejecting the Canadian company’s offer, Seven & i Holdings said it intends to boost its own corporate value. It also has raised antitrust concerns that it says will come up in the U.S.
Seven & i appointed a new chief executive this month and announced a share buyback and said it will sell its supermarket subsidiary to U.S. private equity firm Bain Capital, to help boost its value and fend off the acquisition. MDT/AP
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