Latest news with #7Eleven
Yahoo
5 hours ago
- Business
- Yahoo
Seven & i pushes back against Couche-Tard's reasons for deal talks ending
The parent company of 7-Eleven has pushed back against the reasons Alimentation Couche-Tard Inc. gave for why a takeover deal never materialized. Couche-Tard said last week that it was ending a yearlong effort to buy Seven & i Holdings Co. Ltd., saying there had been no sincere or constructive engagement from the Japan-based company over a potential deal. Seven & i's special board committee said in a letter issued Tuesday that Couche-Tard made "highly misleading" claims as it ended its efforts, and that Seven & i consistently engaged in good faith. It says that from the start, Couche-Tard didn't take competition concerns seriously, and didn't present a credible plan as to how those concerns would be addressed. Given the scale of the two convenience store chains, Seven & i noted that regulators would likely require they make a "very significant divestiture" before approving a deal, but Couche-Tard was not able to provide a plan on who could be the buyer or how such a deal would work. Seven & i also pushed back against the characterization that its governance was not up to the task, and suggested that Couche-Tard perhaps did not properly understand the Japanese market. This report by The Canadian Press was first published July 23, 2025. Companies in this story: (TSX:ATD) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
19 hours ago
- Business
- Globe and Mail
7-Eleven parent fires back at Couche-Tard over ‘highly misleading' statement after deal talks break off
Seven & i Holdings Co., the Japanese parent company of the 7-Eleven chain, has issued a fiery public letter accusing Canada's Alimentation Couche-Tard Inc. ATD-T of distorting facts after deal talks between the two companies broke off. Couche-Tard, which owns the Circle K chain, tried for nearly a year to buy 7-Eleven for roughly US$46-billion, but walked away last week. Couche-Tard announced it was pulling the bid in its own blistering public letter accusing the Japanese company of deception and delay. In its responding letter Tuesday, 7&i says Couche-Tard's statement was 'highly misleading' and argued the Japanese company 'consistently engaged in good faith.' It also claimed Couche-Tard failed to take antitrust concerns seriously and demonstrated 'an unfortunate lack of knowledge of the Japanese market.' 'We are disappointed that [Couche-Tard] has decided to walk away from these discussions,' the 7&i statement said. 'We are further disappointed that they have done so in a way that completely mischaracterizes both our engagement and the significant hurdles this transaction faced that they were not committed to resolving.' Alimentation Couche-Tard looking for other targets after pulling Seven & i bid Antitrust concerns in the United States were among the most significant hurdles a potential deal faced. Combining Circle K and 7-Eleven locations in the U.S. would have resulted in roughly 20,000 stores owned by the same company. Casey's General Stores Inc., which has 2,600 stores, would come in a distant second. Analysts have estimated Couche-Tard would have needed to sell as many as 2,000 locations in the United States to satisfy U.S. regulatory concerns with the proposal. 'ACT never deviated from the claim that they had a 'clear path' forward on antitrust approval,' 7&i said. 'But that does not make it true.' The U.S. Federal Trade Commission requested several calls with 7&i about the potential transaction, 'two of which included numerous state Attorneys General, a highly unusual circumstance,' the Japanese company said. 'The critical question was whether ACT could identify a viable buyer who would meet with the FTC's approval,' 7&i said. 'They could not.' Opinion: Couche-Tard shows institutional investors will back big dreams Couche-Tard, which first approached 7&i about a potential transaction in August, 2024, declined to comment on the Japanese company's allegations. It took specific issue with the Canadian company's claim that one of its meetings with executives in Tokyo was brief and 'tightly scripted.' 'To suggest that our management presentations were scripted is to misunderstand Japanese culture,' 7&i said. 'Sometimes being different isn't wrong or an act of resistance.' The deal would have been both the largest-ever foreign takeover of a Japanese company and the largest acquisition Couche-Tard has made since the company was founded in 1980. It also represented the first major test of recent reforms to Japanese foreign investment rules designed to make it easier for cross-border transactions to occur. However, few anticipated the first offer to arrive under the new foreign takeover regime would be for one of the country's most beloved corporate entities. Hedge funds sort out winners and losers as Couche-Tard's bid to buy 7-Eleven owner collapses Japan is by far 7-Eleven's largest market, with 21,756 locations in the country, representing roughly one-quarter of all its stores globally. There are nearly 3,000 7-Eleven stores in Tokyo alone, with many Japanese locations doubling as emergency shelters in case of natural disasters. To address the cultural and business differences, Couche-Tard said it had a Japanese partner to educate the company about specifics of the Japanese market, but 7&i pushed back on this, saying Couche-Tard never shared that information with them. Couche-Tard was planning to borrow tens of billions of dollars to finance the transaction had a deal ultimately been reached. On Tuesday, the 7-Eleven parent said Couche-Tard is facing 'financial and market challenges' and that 'financing markets have changed.' 'But there is no need to blame Seven & i for that reality,' the Japanese company said. 'ACT decided on its own it was easier to walk away.'
CTV News
a day ago
- Business
- CTV News
‘Doesn't feel real': Calgarian wins $5M on Lotto 6-49
A Calgary man has won a whopping $5 million on the lottery. Mike Meldrum's windfall came from the June 18 Lotto 6-49 draw. The Western Canada Lottery Corporation (WCLC) announced the win last month, encouraging whoever bought the ticket to come forward to claim their prize. 'I saw someone had won in Calgary, but I hadn't checked my ticket yet,' Meldrum said in a news release. 'When I first told my wife, she didn't believe me,' he added. 'She told me to send her the numbers so she could check online herself.' Meldrum says he's been buying Lotto 6-49 tickets weekly for 35 years. Now, he's in the process of determining how to spend the money. 'Our cars are about ten years old, so we're thinking maybe new vehicles,' he said. 'I have some decisions to make about continuing work, too.' 'It doesn't feel real.' Meldrum purchased his winning ticket from 7-Eleven on Mount McKenzie Drive S.E. He won his prize by matching the following six numbers: 8, 14, 20, 25, 30, and 38.
Wall Street Journal
5 days ago
- Wall Street Journal
Frozen Drinks at Home?
The Slushi makes slushies, of course, turning drinks of all sorts, from soda to juice to cocktails, into frozen(ish) concoctions. The mechanics are simple. Pour 16 to 64 ounces of your beverage in the top of the vessel, choose from one of five preset programs (slush, spiked slush, frappé, milkshake or frozen juice) and in 15 minutes to an hour, your frozen treat will be ready. The machine looks similar to the frozen drink maker you might see behind a bar, on a smaller scale. There's a metal evaporator at the core, attached to a motor, with a plastic auger that keeps the liquid moving around it as it freezes. All of that is housed in the transparent plastic vessel with a built-in pour spout. I primarily focused on the slush and spiked slush settings in my testing. The output of each was somewhere between the micro-pebbly ice texture of a Slush Puppie and a smooth, airy Slurpee from 7-Eleven, depending on the freeze setting, although it was inconsistent. For example, a cream soda slush was too thick to smoothly dispense at its default setting, but turning down the temperature one notch brought it closer to a liquid than was ideal. Across my tests, the slushes were never totally homogeneous, as there was always some discernible liquid surrounding the frozen beverage. While it didn't make the treat any less tasty, it was noticeable every time, and a little surprising for a premium device. I recently hosted a Fourth of July party where I put the Slushi to the test. I started with a frozen Negroni recipe I found on YouTube, made with the standard gin, Campari and sweet vermouth, plus orange juice and grapefruit juice to cut down the alcohol percentage and increase the sugar content. After an hour of roaring and whining, the mixture was still liquid, suggesting the alcohol content was too high to properly freeze. I added some more juice and within about half an hour had a delicious, and, just as importantly, frozen slushie. It was gone almost as quickly. Ninja includes a manual with a handful of recipes and, more importantly, guidelines for making your own concoctions. Slushes need to have certain sugar and alcohol thresholds to freeze properly, and the instructions can help you figure out the right proportions. Cleanup is relatively easy, especially because the removable components are dishwasher safe. Does anyone actually need this slushie maker at home? Probably not. Will it be the star of the party if you have one? Almost certainly. While it's not perfect, it's hard not to love the Slushi for what it is.
Bloomberg
5 days ago
- Business
- Bloomberg
Seven & i Risks Becoming Buyout Target Again If Turnaround Fails
Seven & i Holdings Co. remains a buyout target in the eyes of some investors, who say new suitors may emerge unless the operator of 7-Eleven convenience stores turns around its business after fending off Alimentation Couche-Tard Inc. 's unsolicited ¥6.77 trillion ($45.8 billion) takeover approach. 'If the stock price drops significantly, there might be a possibility of tender offers or hostile takeovers,' said Takamasa Ikeda, senior portfolio manager at GCI Asset Management Inc., an investor in Japanese stocks.
