Couche-Tard withdraws proposal to acquire 7-eleven parent
July 17 (UPI) -- Canadian retailer Couche-Tard Inc. announced Thursday it has withdrawn its buyout proposal to acquire Seven and I Holdings Co. for $47 billion on Thursday.
The two companies had initially signed a nondisclosure agreement that Seven & I would engage "constructively" with Couche-Tard to determine whether the proposal would be agreed on, in April.
"Since entering into the NDA, there has been no sincere or constructive engagement from Seven & i that would facilitate the advancement of any proposal, contrary to comments made publicly by Seven & i representatives, including in the July 11, 2025 earnings call in which Seven & i noted it is "seriously" considering our proposal," Couche-Tard said in a letter to the Board of Directors of Seven and & I Holdings Co.
"Based on this persistent lack of good faith engagement, we are withdrawing our proposal," Couche-Tard said.
Seven & I rejected the statement that it has not engaged in constructive talks, according to a press release.
"Our company will continue to implement measures on its own to create value," the company said.
In 2024, Seven & I rejected a buyout bid from Couche-Tard for $14.86 per share, in August. Couche-Tard raised the offer in October to 18.19 per share.
During a major restructuring at Seven & I Holdings in May, Stephen Dacus became the new President and CEO.
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