Seven & i is the operator of convenience retail chain 7-Eleven. Credit: Prapat Aowsakorn/Shutterstock.

Japanese retail conglomerate Seven & i Holdings has rejected a substantial $38.5bn cash bid from Canadian retailer Alimentation Couche-Tard (ACT).  

Responding to the proposal, special committee chair and Seven & i Holdings board chairman Stephen Dacus said that the proposal does not align with shareholder interests and anticipated significant antitrust hurdles in the US market. 

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Seven & i, the parent company of convenience chain 7-Eleven, said that the offer stood at $14.86 per share but expressed willingness to consider proposals that recognise its “intrinsic value” and provide certainty of closure amidst the current regulatory climate. 

In a letter, Stephen Dacus said: “After a thorough review and discussion of your proposal, the Seven & i board has unanimously concluded, based on the unanimous recommendation of the special committee, that the proposal is not in the best interest of Seven & i shareholders and other stakeholders. 

“We are open to engaging in sincere discussions should you put forth a proposal that fully recognises our standalone intrinsic value and addresses our concerns regarding the certainty of closing in the current regulatory environment.  

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“However, we do not believe, for several critical reasons, that the proposal you have put forward provides a basis for us to engage in substantive discussions regarding a potential transaction. 

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The rejection follows Seven & i’s previous acknowledgment of an offer from Couche-Tard, the owner of Circle-K, without disclosing the bid amount.  

Reuters reported that shares of Seven & i closed 1.43% lower at 2,133.5 yen ($14.99) on 6 September 2024. 

A Japanese senior finance ministry official clarified that companies cannot use the country’s national security as a pretext to block foreign takeovers.  

The rejection comes amid rumours that Seven & i Holdings is pursuing “core” classification under the Foreign Exchange and Foreign Trade Act (FEFTA) to avoid a buyout from ACT.