Seven & i Holdings, the Japanese owner of 7-Eleven, has declined a $38 billion takeover bid from Canadian competitor Alimentation Couche-Tard (ACT), stating the offer "grossly undervalues" the company and presents significant regulatory challenges.
Despite this, Seven & i remains open to discussions and is willing to consider a more favourable proposal.
The proposed merger would create a global convenience store conglomerate with approximately 100,000 locations.
ACT, headquartered in Quebec, operates around 17,000 stores across North America, Europe, and Asia under the Circle K and Couche-Tard brands.
This potential deal represents an unprecedented move, as no Japanese company of this magnitude has been acquired by a foreign entity