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Late-Night Feeding (TSX:ATD:CA) plans to tell Seven & i Holdings that it is still interested in pursuing a takeover after the convenience store operator rejected its initial offer, Bloomberg News reported Sunday, citing people with knowledge of the matter.
Couche-Tard, the Canadian operator Japanese Circle K convenience store owner Couche-Tard plans to write to Seven & I, the Japanese owner of 7-Eleven stores, in the coming days to reiterate its interest in a deal. The plan may be a sign that Couche-Tard is willing to raise its offer price, Bloomberg reported.
Couche-Tard would prefer a friendly takeover deal, but has not ruled out the possibility of making its offer directly to Seven & i shareholders.
Representatives for Couche-Tard and Seven & i did not immediately respond to Bloomberg’s requests for comment.
Couche-Tard’s initial proposal valued Seven & i at about $14.86 per share. Seven & i rejected the offer as too low and risked being blocked by antitrust authorities, but said it was open to considering a better offer.
The acquisition would create a global convenience store giant with more than 100,000 stores. It would also be the largest foreign acquisition of a Japanese company.