By Katherine Hamilton
Alimentation Couche-Tard ended its bid to buy Japan's Seven & i Holdings.
The Canadian company said Wednesday it was cancelling the deal due to a lack of constructive engagement.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
By Katherine Hamilton
Alimentation Couche-Tard withdrew its proposal to acquire Seven & i Holdings due to what it called a lack of constructive engagement from the 7-Eleven operator.
Couche-Tard founder Alain Bouchard and Chief Executive Alex Miller sent a letter to Seven & i's board of directors Wednesday that said there had been "no sincere or constructive engagement" to advance the proposal. Couche-Tard said this was in contrast to comments Seven & i management had made during earnings calls indicating they were seriously considering the offer.
Couche-Tard, a convenience-store operator, had offered to buy Seven & i for about $47 billion in January. The latest offer was for 2,600 yen a share, which is equal to about $17.58. Seven & i's stock was trading at 2,210 yen on Wednesday evening.
The companies first met in July 2024 and entered a non-disclosure agreement in April. Couche-Tard said that, since entering the NDA, Seven & i hadn't provided enough information about commercial due diligence to complete the deal. Couche-Tard also said its meetings with Seven & i executives were heavily scripted, with some management members rebuffing questions about licenses and industry dynamics.
Bouchard and Miller said they still believed the merger could be a positive for the Laval, Quebec, company, but they aren't able to pursue it without "deeper and genuine further engagement from 7&i leadership."
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
July 16, 2025 18:45 ET (22:45 GMT)
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