Alimentation Couche-Tard Inc (TSX:ATD.A) has made a revised takeover bid for 7-Eleven owner Seven & i Holdings, the Japanese company confirmed on Wednesday.
Sources told Reuters that Couche-Tard has upped its bid for the convenience store chain by 22% to about $47 billion or $18.19 per share from its earlier offer of $38.5 billion or $14.86 per share.
The sources spoke to the publication anonymously as the pricing of the revised offer has not been made public.
If the bid is accepted, the deal would mark the largest overseas buyout of a Japanese firm, according to Reuters.
Seven & i Holdings in a statement said the revised proposal is non-binding. It added that it plans to keep the negotiations confidential as requested by Couch-Tard.
Seven & i’s Japanese-listed shares surged as much as almost 12% on the news, finishing the day 4.7% higher at 2,335 yen ($15.70).
Quebec, Canada-based Couche-Trade operates the convenience store chains Couche-Tard, Circle K and Ingo.
Its US-listed shares traded flat at $54 on Wednesday morning.