One of the largest foreign takeovers of a Japanese company is on the cards after Canadian group Alimentation Couche-Tard Inc (TSX:ATD.A) (ACT) launched a bid for 7-Eleven owner Seven & i.
Shares in Tokyo-listed Seven & i jumped by almost a quarter on the news of the approach.
In a statement, the Japanese group said an independent committee and the board would scrutinise the offer.
7-Eleven has more than 13,000 stores in the US and Canada, while ACT has over 9,000, prompting speculation that any deal might face substantial competition hurdles.
Globally, Seven & i has more than 85,000 outlets worldwide in 20 countries and territories with Asia becoming increasingly important.
In recent years, Seven & i has been targeted by activists, who want to sell its underperforming brands and focus on 7-Eleven globally.
7-Eleven opened its first store in the US in 1974 having been brought from Japan by retail mogul Masatoshi Ito.
Quebec-based ACT is worth around £45 billion, listed on the Toronto Stock Exchange and best known for the Circle K and Couche-Tard brands.