Japan’s Seven & i Holdings (OTCMKTS: SVNDY), the parent company of the 7-Eleven chain, has received an unexpected acquisition bid from the Canadian-based Alimentation Couche-Tard Inc. (ACT) (TSX:ACT) that could create one of the world’s largest retail networks.
“The Company confirmed that it has received a confidential, non-binding and preliminary proposal by ACT to acquire all outstanding shares of the Company,” said Seven & i in a statement. “The Board of Directors of the Company has formed a Special Committee of the Board of Directors, comprised solely of independent outside directors, led by Stephen Hayes Dacus, as Chairperson of the Board of Directors, to review the proposal.”
The specifics of the bid were not disclosed.
Seven & i operates more than 85,000 stores with different brands across US and Asia, including the Speedway and Stripes convenience stores along with 7-Eleven. ACT operates more than 16,000 Couche-Tard and Circle K stores across North America and Europe.
Photo courtesy of LoopNet
