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Alimentation Couche-Tard is considering buying another major convenience store company, Seven & I, which owns the popular 7-Eleven convenience store chain.
The Canadian company, whose brands include Couche-Tard, Circle K and Ingo, “recently sent a” friendly but non-binding proposal” to Japan-based Seven & i, Couche-Tard said in a press release on Monday.
In addition to 7-Eleven, Seven & i operates numerous convenience stores, supermarkets, and other businesses under its umbrella, with approximately 85,000 stores operating worldwide.
A Seven-Eleven store operated by Seven & i Holdings in Kawasaki City (photographed on August 19, 2024). (Akio Kon/Bloomberg via Getty Images/Getty Images)
In its own statement, the 7-Eleven owner said Couche-Tard’s proposal was “confidential, non-binding and preliminary” and that it aimed to “acquire all of the company’s issued shares.”
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Seven & i is traded on the Tokyo Stock Exchange.
The company pledged to use a newly established special committee to conduct a “prompt, prudent and comprehensive” review of Couche-Tard’s proposal, which it said will weigh its stand-alone plan against “other alternatives.”
Seven & i said: “Neither the board of directors nor the special committee have made any decisions at this time regarding whether to accept or reject ACT’s proposal, enter into discussions with ACT or pursue an alternative transaction.”
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Couche-Tard said it was “focused on reaching a transaction that is satisfactory to both parties,” but noted that “at this stage it is not certain that an agreement or transaction will be reached.”
A Circle K convenience store in Toronto, Ontario, Canada on August 19, 2024. (Laura Procter/Bloomberg via Getty Images/Getty Images)
The acquisition by Seven & I could significantly increase Couche-Tard’s store count to more than 16,700.
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Both companies are expected to report their latest quarterly results in the coming months.
Couche-Tard said last week it plans to announce its first-quarter results on Sept. 4, while Seven & i plans to announce its third-quarter results in October.
