The company behind Canada’s Circle K convenience stores is looking at acquiring the owner of 7-Eleven stores globally, the Japanese operator confirmed in a statement on Monday.
Seven & i Holdings said it received a “confidential, non-binding and preliminary” proposal from Alimentation Couche-Tard Inc. to acquire all outstanding shares of the Japanese company.
In response, the company said its board of directors formed a special committee to conduct a “prompt, careful and comprehensive review” of the proposal.
“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 wrote in a statement posted online.
The company said it would announce a decision once made or if other information has to be disclosed.
ACT said Monday that it had submitted “a friendly, non-binding proposal.”
It said it’s focused on reaching a “mutually agreeable” transaction that would benefit both companies’ customers, employees, franchisees and shareholders.
“There can be no certainty at this stage that any agreement or transaction will be reached,” the company wrote, adding no further statements would be made on discussions for now.
ACT has tried to buy Seven & i Holdings before, with Japanese newspaper The Nikkei reporting the Canadian company had approached the Japanese 7-Eleven operator about a takeover in 2020.
If the proposal is successful, ACT would be adding to its more than 16,700 stores it owns in 31 countries and territories.
— with a file from The Canadian Press