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Montreal Gazette
5 days ago
- Business
- Montreal Gazette
‘Persistent lack of good faith engagement': Couche-Tard abandons $11B takeover of 7-Eleven owner
Quebec-based Alimentation Couche-Tard has withdrawn its proposed acquisition of Seven & i Holdings Co., the Japanese parent company of 7-Eleven, after months of what it described as limited cooperation. In a scathing letter on Wednesday and addressed to Seven & i's board of directors, the Laval-based retailer said it was stepping back from its ¥2,600-per-share all-cash offer, worth approximately $11 billion, due to 'a persistent lack of good faith engagement.' 'We continue to believe that a combination of Seven & i Holdings and Alimentation Couche-Tard would create a global leader in convenience,' the letter said. 'However, we are not able to effectively pursue this combination without deeper and genuine further engagement.' Couche-Tard said its proposal, submitted earlier this year, represented a 47.6 per cent premium to Seven & i's unaffected share price. It said the offer was fully financed and included a plan to obtain regulatory approvals, particularly in the United States. The company stated it had entered into a non-disclosure agreement with Seven & i following an April 18 meeting in Tokyo but had since received 'no sincere or constructive engagement… contrary to comments made publicly by 7&i representatives, including in the July 11, 2025 earnings call in which 7&i noted it is 'seriously' considering our proposal.' It also alleged that Seven & i had 'engaged in a calculated campaign of obfuscation and delay.' Couche-Tard said it received just 14 files relating to Seven & i's U.S. operations over a 10-week period and that 'none of our critical questions were answered.' It also said two management meetings—one in Dallas and one in Tokyo—yielded limited insights, with executives declining to answer key questions. 'At the Dallas meeting… the content of the meeting was, as your advisor characterized it, a 'readout,'' the letter stated. 'When one 7-Eleven executive attempted to thoughtfully address a question… he was interrupted and rebuked by Mr. Dacus who pointed to his head as if to remind his colleague to 'think.' Mr. Dacus also declared in the meeting that the discussion was a management presentation and 'not due diligence.'' On regulatory issues, Couche-Tard said it had proposed a term sheet with specific store divestiture plans and a reverse termination fee worth over $1.4 billion, but that Seven & i 'was not willing to share the required information with potential buyers.' In a bid to find common ground, Couche-Tard said it proposed acquiring 100 per cent of Seven & i's non-Japanese operations and 40 per cent of its domestic business, leaving 60 per cent with existing shareholders. However, it said Seven & i instead proposed contributing its U.S. business into Couche-Tard in exchange for equity, which Couche-Tard argued would not deliver the 'significant premium' its proposal offered and would 'undermine the operational prospects of the combined business.' The company concluded: 'We remain as excited as ever about the path forward for (Alimentation Couche-Tard)… However, we are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee. Accordingly, we are withdrawing our proposal at this time.' Couche-Tard operates nearly 17,000 stores across 29 countries and territories, under the Circle K and Couche-Tard banners, and employs approximately 146,000 people. It is one of the largest independent convenience store operators in the U.S. Its founder, Alain Bouchard, is the richest man in Quebec, according to The Gazette Rich List.
Scotsman
02-07-2025
- Entertainment
- Scotsman
Lucy Dacus, Glasgow review: 'screams and sing-alongs'
Sign up to our Arts and Culture newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Lucy Dacus, Barrowland, Glasgow ★★★★ Fragrant indie folk singer/songwriters are more usually greeted with rapt attention, nodding heads and polite applause but Virginia-raised, Los Angeles-based musician Lucy Dacus and her band attracted screams and sing-alongs at this Barrowland show from an audience making it clear how much her songs have meant to them. In recent years, her already healthy solo career has been bolstered by her membership of Grammy-winning indie power trio Boygenius with Phoebe Bridgers and Julien Baker but this set was mainly about her new album, Forever Is a Feeling, with every track represented across a 90-minute set, from the mellow country pop of Best Guess and burnished Americana of Most Wanted Man to the big drums, dynamic drops and harmony vocals of Talk. Advertisement Hide Ad Advertisement Hide Ad Lucy Dacus – sweet vocal tones (Picture:) Dacus promenaded casually along the front of the stage – her modest way of meeting her excited public – but quieted the room for Limerence, a pretty piano ballad with fiddle flourishes which foregrounded her sweet vocal tones. The fans whooped along to choppy ditty I Don't Wanna Be Funny Anymore and the surging sound of grungey indie rocker First Time, while Dacus blended aggressive sentiments with gentle yearning on Come Out, one of a number of pre-requested songs in the set along with an acoustic campfire rendition of Christine, a luscious Lana Del Rey ballad of queer longing. Dacus admitted to feeling 'weirdly nervous' about her debut in this globally renowned venue and appeared outright starstruck by her special guest, Belle & Sebastian frontman Stuart Murdoch, who comfortably relayed the deft, droll storytelling style of Bullseye.
Yahoo
04-06-2025
- Entertainment
- Yahoo
Legendary Female Rocker Asked ‘Are You a Witch' by Rising Star
When Heart played the Arena in Los Angeles back in March, singer invited rising current stars Chappell Roan and Lucy Dacus backstage for a chat following the show. The conversation was released on May 6 on the Rock and Roll Hall of Famer's podcast, After Dinner Thinks, and you'll find that none of the artists pulled any punches. 🎬 SIGN UP for Parade's Daily newsletter to get the latest pop culture news & celebrity interviews delivered right to your inbox 🎬 In fact, at one-point in the one-hour conversation Dacus—a solo artist and a member of the indie supergroup Boygenius with Julien Baker and Phoebe Bridgers—bluntly asked the 'Magic Man' singer, 'Are you a witch?' 'I don't think so,' Wilson replied, 'any more than anybody else.' Dacus, realizing she may have made a misstep, suggested that the question should be cut from the recording, but Wilson was OK with it and continued to address the question. 'Well, I never claimed to be one or felt I was one,' Wilson added. 'If you have power over people without trying, I think that's a form of witchery or what you want to call it.' 'You definitely do,' Dacus responded. 'I saw it tonight.' It turns out that Dacus's question isn't completely random. A quick Internet search reveals that others have claimed—or joked—that Wilson is a witch in the past. A 2014 post on the Recovery from Mormonism (RfM) discussion forum by someone claiming to be Tal Bachman has the heading 'Ann Wilson of Heart is a witch.' Bachman is known for the 1999 hit 'She's So High' and is currently touring with his father's classic rock band, Bachman Turner Overdrive. He is a former member of the Church of Jesus Christ of Latter-day Saints. Parade reached out to his reps to confirm the authenticity of the post. 'I saw the rock band Heart the other night. Ann Wilson, the lead singer, is SIXTY FIVE YEARS OLD. And she sings better than she ever has. She would completely destroy her idol, Robert Plant (from Led Zeppelin), in a vocal competition. And her sister Nancy was also amazing, both as a vocalist and guitarist. Nancy is sixty,' he wrote.'What is the explanation for the total rock awesomeness of the Wilson sisters? Following Mormon logic, it can only be something supernatural. And since Ann and Nancy Wilson are not Mormons, or even Christians, that only leaves one possibility: Satan.' 'The Wilson sisters have clearly made some sort of pact with Satan, whereby they keep singing and playing better with age. There is no other explanation. Thank you Mormonism, for teaching me how to think,' he added before signing off with 'Praising the witches.'
Yahoo
29-05-2025
- Business
- Yahoo
Who is Stephen Dacus, Seven & i's new CEO?
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Over two months after revealing its leadership succession plan, Seven & i Holdings, parent of 7-Eleven, officially appointed Stephen Dacus as president and CEO at its annual board meeting on Tuesday, replacing Ryuichi Isaka. The 64-year-old Dacus, an American, is the first non-Japanese CEO in Seven & i's history. He assumes leadership during a potentially historic period for the company, which is mulling a takeover bid from Canadian retailer Alimentation Couche-Tard and also planning a 2026 IPO for 7-Eleven Inc. in North America. Here's a rundown of Dacus's business goals and background, which includes about three years at Seven & i and leadership roles with other international retailers. Dacus joined Seven & i in mid-2022 as an outside director. Two years later, he was named lead independent outside director, and was appointed chairperson of the board of directors last May. He was also chair of Seven & i's strategic and special committees, the latter of which has reviewed Couche-Tard's buyout offer since last year. Dacus previously served in leadership roles across multiple industries. He assumed his first CEO role in 2001 with condiment maker MasterFoods, according to his bio on the Seven & i website. He also spent more than eight years in a variety of leadership roles with Walmart, including senior vice president and CEO of Walmart Japan Holdings. He was also CEO of pan-Asian foods company Hana Group SAS. But Dacus's relationship with 7-Eleven stretches back to his childhood. His father was a 7-Eleven franchisee, and a young Dacus used to work the midnight shift at the store. '7-Eleven has always been important in my life,' Dacus said during a March press conference when his move to CEO was announced. It's unclear how much Dacus's earnings will increase after his promotion. His predecessor, Isaka, earned 341 million yen in 2024, equivalent to about $2.3 million at current conversion rates, according to Seven & i's latest securities report. Dacus' years of experience leading food-focused companies will be key as 7-Eleven continues to innovate around its foodservice program. In the U.S., 7-Eleven is in the midst of a three-year plan to open over 600 c-stores that add indoor seating and offer a larger product assortment and expanded food and beverage offerings compared to the rest of its locations. During the March press conference, Dacus said food is Seven & i's 'biggest long-term opportunity in the U.S.,' adding that the company is working with its Japanese suppliers to bring many of the offerings from its 7-Eleven stores in Japan to its 13,000 c-stores in North America. He also said Seven & i intends to leverage made-to-order options to boost its food appeal. 'The key is to stay out in front with really value-added food offerings,' Dacus said. 'If I'm being honest, it feels like we've been moving a bit too slow in that regard, and some of our competitors have moved a bit faster. We need to move faster.' Although 7-Eleven has roughly 85,000 stores in about 20 countries, Dacus isn't satisfied with the retailer's global presence. When asked what he'd do differently compared to his predecessor Isaka, Dacus said during the March press conference that he intends to accelerate 7-Eleven's international expansion beyond Japan and North America, adding that 'there are vast portions of the world' where 7-Eleven doesn't have any stores. 'The key is to stay out in front with really value-added food offerings. If I'm being honest, it feels like we've been moving a bit too slow in that regard, and some of our competitors have moved a bit faster. We need to move faster.' Stephen Dacus President and CEO of Seven & i Holdings 7-Eleven has plenty of growth potential in Europe, for instance, where it only has stores in Denmark, Norway and Sweden, according to 7-Eleven's website. The company has plans to reach 100,000 stores in 30 countries — up from the current 20 — by 2030. 'It will take time, but I believe that if we do this correctly, over the next generation, there's an enormous amount of opportunity for us around the world,' Dacus said. Recommended Reading 7-Eleven parent company appoints new CEO, plans US IPO 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
Kyodo News
27-05-2025
- Business
- Kyodo News
New 7-Eleven parent CEO vows growth to shareholders amid buyout talks
KYODO NEWS - 13 hours ago - 18:39 | All, Japan The new top executive of Seven & i Holdings Co., the Japanese operator of the Seven-Eleven convenience store chain, said Tuesday that he is committed to growth over the next decade, as the retail giant strives to enhance its corporate value in the face of a takeover bid by a Canadian rival. Stephen Hayes Dacus was officially appointed as its first foreign CEO following approval at an annual shareholders meeting. At the meeting, the new CEO vowed "efforts in making sure that the next 10 years is better than the last 10 years," as Seven & i implements restructuring steps to focus more on the convenience store business, which has seen slowing growth in Japan and the United States. Its shareholders approved the appointments of Dacus, 64, and 12 other board members, including Junro Ito, a member of its founding family, 66, as chairman and Takashi Sawada, former president of rival convenience store operator FamilyMart Co., as outside director. Dacus, replacing Ryuichi Isaka, 67, became a Seven & i outside director in 2022 after working as an executive at various Japanese companies, including Fast Retailing Co., the owner of the Uniqlo clothing chain, and the operator of the Sushiro conveyor belt sushi restaurant chain. "I know how management of this business is to the people who run our business" on site, said Dacus, who has experience working during his teenage years at a 7-Eleven store in the United States owned by his father. "I also know how important it is for our stock and our performance to reflect that, so that our shareholders, who are also our customers, can benefit from the company's growth," said Dacus, who is a former CEO of the operator of rival retailer Seiyu Co., which was part of U.S. retail giant Walmart Inc. Seven & i said last year it had received a buyout offer of around 7 trillion yen ($49 billion) from Alimentation Couche-Tard Inc., the operator of the Circle K convenience stores. The Japanese company's special committee is examining the offer and the option of a go-it-alone path from the perspective of maximizing value for shareholders. When one shareholder suggested the company opt for the buyout during the meeting, Isaka said Seven & i will examine the "two options as we pursue constructive talks with (Couche-Tard) and the steady implementation of our own measures in parallel." Ito, along with Ito-Kogyo Co., which manages the founding family's assets, had sought to take the retail conglomerate private through a management buyout to block the takeover by Couche-Tard but gave up on the plan after struggling to raise funds. The deal, estimated to cost around 9 trillion yen, would have been the biggest management buyout in Japan. Seven & i outlined a series of restructuring plans such as the sale of its supermarket business and a massive share buyback to boost its corporate value in an apparent bid to fend off Couche-Tard's takeover attempt. Among reform steps, Seven & i agreed to sell its subsidiary operating the Ito-Yokado supermarket chain to U.S. private equity firm Bain Capital for 814.7 billion yen, while planning a U.S. listing for its U.S. 7-Eleven convenience store business unit in 2026. The company also said it will sell part of its shareholdings in Seven Bank Ltd. to deconsolidate the banking subsidiary. The Japanese company said in October last year it planned to change its name to "7-Eleven Corp." to emphasize its focus on the retail brand, pending shareholder approval at Tuesday's meeting. But the plan was not included in proposals to vote on at the shareholders' meeting, with more time needed for in-house coordination. Related coverage: Incoming Seven & i CEO vows faster decision-making amid buyout threat Couche-Tard not considering hostile takeover of Seven & i: chairman Seven & i appoints new CEO, hopes to fend off takeover bid
