Seven & i Holdings, the Japan-based owner of the 7-Eleven convenience store chain, has announced the receipt of a preliminary takeover offer from Canadian rival Alimentation Couche-Tard (ACT).  

The Tokyo-based company has established a special committee of its board, comprising only independent outside directors to review the proposal. 

The committee is headed by Stephen Hayes Dacus, the board's chairperson.

Seven & i Holdings said in a statement: “Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the company, the special committee intends to conduct a prompt, careful and comprehensive review of the proposal, the company’s stand-alone plans and other alternatives for enhancing corporate value, after which a response will be made to ACT. 

“Neither the board of directors nor the special committee has made any determination at this time to either accept or reject the proposal from ACT, to enter into discussions with ACT or to pursue any alternative transaction.  

“The company will promptly announce when the company decides or has matters to be disclosed.” 

Following the announcement, shares in Seven & i surged by more than 20%, valuing the company at Y5.6tn ($38.5bn), as reported by the BBC.   

Should the deal proceed, it may encounter regulatory scrutiny from North American competition authorities given 7-Eleven's ownership of more than 13,000 stores in the US and Canada, and Couche-Tard's operation of more than 9,000 locations. 

7-Eleven has 85,000 outlets across 20 countries and territories, with a significant presence in Asia.  

Alimentation Couche-Tard, headquartered in Quebec and trading on the Toronto Stock Exchange, operates 17,000 stores under the Circle K and Couche-Tard brands in more than 30 countries and territories across North America, Europe and Asia. 

In November 2023, 7-Eleven Canada purchased assets of food distributor Wallace & Carey for an undisclosed amount.