Latest news with #SevenAndiHoldings
CTV News
17-07-2025
- Business
- CTV News
Couche-Tard shares jump more than 10% after walking away from 7-Eleven offer
A Couche-Tard sign is seen in Montreal, Thursday, Sept. 5, 2024. THE CANADIAN PRESS/Christinne Muschi MONTREAL — Shares of Alimentation Couche-Tard Inc. gained more than 10 per cent in early trading after walking away from its proposal to buy the Japanese parent company of 7-Eleven. Shares in the company were up $9.17 or about 13 per cent at $77.49 on the Toronto Stock Exchange. The Quebec-based company said Wednesday that it walked away from its offer due to what it called a 'lack of constructive engagement.' Had the deal gone ahead, it would have handed Couche-Tard a dominant position in the global convenience store game. For its part, Seven & i Holdings Co. Ltd. says it engaged in good faith and constructively with the Quebec-based company to explore the possibility of reaching a deal. Couche-Tard spent nearly a year courting the Japanese company, which also holds a broader portfolio of supermarkets, food producers and financial services companies. This report by The Canadian Press was first published July 17, 2025.
CNA
17-07-2025
- Business
- CNA
Seven & i shows Japan M&A is still not easy, even with better governance
TOKYO :Japanese retailer Seven & i Holdings has again lived up to a reputation for shrugging off investor calls for better returns. This time, it also provides a reminder that even amid a corporate governance overhaul, big-ticket acquisitions are far from easy in Japan. Canadian retailer Alimentation Couche-Tard on Thursday pulled its $46 billion bid to buy the 7-Eleven owner, citing what it described as a lack of constructive engagement from the Japanese retail giant, which it accused of a "calculated campaign of obfuscation and delay". Seven & i said it was disappointed by Couche-Tard's decision, adding that it disagreed with what it called "numerous mischaracterisations". An acquisition by the owner of Circle-K convenience stores would have marked the largest foreign takeover by a Japanese company in history and created a global retail powerhouse. Japanese companies are now under pressure to improve shareholder returns and to consider credible acquisition offers, thanks to a regulatory overhaul that has ignited foreign investor interest and helped propel the Tokyo market to a series of record highs. Yet it remains a tall order for overseas firms to snap up some of Japan's biggest, and most conservative, companies, especially those where management is backed by an influential founding family. "From the start, Seven & i was obstructive," said Nicholas Smith, a veteran Japan strategist at CLSA Securities. "The whole saga seemed to be more about protecting management lifestyles than generating returns for shareholders, which have been poor. "I regard it as an issue specific to Seven & i, rather than representing the overall trend in Japan." In many ways, Seven & i has all the traits of Japan's typical business success stories: a seemingly endless appetite for hard work and innovation, and an ability to take an overseas creation and elevate it by focusing relentlessly on details and consumer satisfaction. In Seven & i's case, it turned a humble U.S. chain offering cigarettes and fizzy drinks into an oasis of fresh food and packaged meals where customers could also pay their bills, send packages and buy concert tickets. But like other Japanese innovators, it also lost its way after years of breakneck growth - and attracted calls for change. Artisan Partners and ValueAct Capital have been among the shareholders that have called for Seven & i to shed what they said was bloat. Investors say the company has been dragging its feet for years. "It's sad. It sets a bad precedent for capital and M&A markets in Japan as it shows you can drag out the process to avoid being bought out," said one Seven & i investor, who spoke on condition of anonymity, given the sensitivity of the issue. "We may look at shrinking our positions in large-cap potential acquisition targets after this." M&A BOOM Foreign firms, particularly private equity, are increasingly active in Japan. Seven & i in March said it would sell its superstores and other peripheral businesses to Bain Capital for some $5.5 billion, as it looked to boost returns and fend off Couche-Tard. Japanese mergers and acquisitions activity (M&A) hit a record $232 billion in the first six months of this year, helping drive a rebound in Asia, according to LSEG. More Japanese companies, especially smaller ones, increasingly realise they need to change, especially given the stark economic outlook, said Kei Okamura, managing director at asset manager Neuberger Berman in Tokyo. Had Couche-Tard approached a smaller Japanese company with a different management outlook, they would probably have had a different response, he said. "Inflation, higher interest rates, the yen. All of these things are changing and it's really upending the way businesses operate. They can no longer be complacent and ignore these potential offers to scale up and create shareholder value."
Yahoo
17-07-2025
- Business
- Yahoo
Seven & i Holdings Comments on Press Release from Alimentation Couche-Tard Inc.
TOKYO, July 17, 2025 /PRNewswire/ -- Seven & i Holdings Co., Ltd. ("7&i" or "the Company") and the Special Committee of the Board of Directors today made the following statement in response to the press release issued by Alimentation Couche-Tard Inc. ("ACT"): 7&i confirms that ACT has unilaterally decided to end discussions and withdraw its proposal to acquire the Company. While we are disappointed by ACT's decision, and disagree with their numerous mischaracterizations, we are not surprised. Since ACT initially made its proposal, there have been significant changes in the global economy, exchange rates, and financing markets. As ACT noted on its most recent earnings call, conditions in key markets have deteriorated since last year. The Special Committee consistently engaged in good faith and constructively with ACT to explore the possibility of reaching a deal that could be consummated and that would benefit our shareholders. At the same time, we were always honest about the extraordinary antitrust hurdles a potential transaction would face, including the protracted timeframe to move through the regulatory process. Throughout this process, 7&i pursued all parallel paths to ensure that value for shareholders and other stakeholders is maximized. We remain fully committed to our standalone value creation plan, which we have been pursing in parallel, and to unlocking the value of our businesses, including our North American convenience store business. Our plan is concrete and actionable. With the proceeds from the sale of our Superstore Business and an IPO of our North American convenience store business, we aim to return approximately JPY 2Tn to shareholders through share buybacks by the end of FY2030. We are also highly focused on moving quickly to improve key areas of our operations to enhance performance metrics over both the medium and longer term. Media Contacts Kekst CNC In Tokyo:Jochen In New York:Ruth Pachman / Nathan / View original content to download multimedia: SOURCE Seven & i Holdings Co., Ltd.
CNA
16-07-2025
- Business
- CNA
Couche-Tard withdraws $47 billion takeover offer for Seven & i
Canadian retailer Alimentation Couche-Tard said on Wednesday it was withdrawing its $47 billion takeover bid for Japan's Seven & i Holdings, citing a lack of "constructive" engagement. The move comes nearly a year after Couche-Tard, which owns Circle K convenience stores, first offered to purchase the 7-Eleven operator. The Canadian company had also agreed to a store sale plan, in a bid to ease some regulatory hurdles as a takeover would have created a global convenience store giant with about 20,000 locations.
Reuters
16-07-2025
- Business
- Reuters
Couche-Tard withdraws $47 billion takeover offer for Seven & i
July 16 (Reuters) - Canadian retailer Alimentation Couche-Tard ( opens new tab said on Wednesday it was withdrawing its $47 billion takeover bid for Japan's Seven & i Holdings (3382.T), opens new tab, citing a lack of "constructive" engagement. The move comes nearly a year after Couche-Tard, which owns Circle K convenience stores, first offered to purchase the 7-Eleven operator. The Canadian company had also agreed to a store sale plan, in a bid to ease some regulatory hurdles as a takeover would have created a global convenience store giant with about 20,000 locations. "We have repeatedly sought a friendly dialogue with the Ito family but they have not been open to any conversation," Couche-Tard said in a letter to its board of directors.
