The Canadian-based Alimentation Couche-Tard Inc. (ACT) (TSX:ACT) is reportedly planning to reapproach Japan’s Seven & i Holdings (OTCMKTS: SVNDY) with a new acquisition bid, despite the U.S. Federal Trade Commission’s (FTC) reported it was pursuing an antitrust probe into a potential combination of the mega-retailers.
According to a Bloomberg report sourced from unnamed “people with knowledge of the matter,” a new bid would need to be greater than the $14.86 per share offer that Seven & i rejected. ACT stated it was eager to work with Seven & i on a friendly acquisition.
Seven & i operates more than 85,000 stores across US and Asia, including the 7-Eleven, Speedway and Stripes brands. ACT operates more than 16,000 Couche-Tard and Circle K stores across North America and Europe.
The FTC reportedly notified Seven & i Holdings that it plans to investigate potential antitrust concerns related to ACT’s unsolicited acquisition bid that could have created one of the world’s largest retail networks. The FTC alerted Seven & i of its plans after ACT’s offer was made public on Aug. 19. The FTC has not publicly commented on the report.
Photo courtesy of 7-Eleven
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