Posted on 08/20/2024 5:10:27 AM PDT by Red Badger
The Canadian owner of Circle K convenience stores has made a bid to buy 7-Eleven in what would be the biggest foreign takeover of a Japanese company on record and the largest cross-border acquisition this year.
In a statement Monday, Seven & I Holdings, the operator of 7-Eleven, confirmed it had received an offer from Canada’s Alimentation Couche-Tard to acquire all of its outstanding shares.
Seven & I said it had formed a “special committee” to evaluate the proposal and that no decision had yet been made.
“The special committee intends to conduct a prompt, careful, and comprehensive review of the proposal, the (Seven & I’s) stand-alone plans, and other alternatives for enhancing corporate value, after which a response will be made to (Couche-Tard),” it added.
Couche-Tard confirmed what it called a “friendly” proposal to acquire Seven & I, but said “there can be no certainty” that a deal will be struck. “The company is focused on reaching a mutually agreeable transaction,” it added in a statement. It did not disclose financial details.
Shares of Seven & I closed almost 23% higher in Tokyo Monday, pushing the company’s market value above $38 billion. That suggests a deal value in excess of any other foreign-led takeover in Japan since Dealogic started collecting data in 1995. It would also be the largest cross-border takeover globally in 2024, according to Dealogic.
(Excerpt) Read more at cnn.com ...
7-Eleven operates, franchises and licenses 84,500 stores in 19 countries and territories as of January 2024.[citation needed] While operating under its namesake brand globally, within the United States it operates as 7-Eleven nationally, as Speedway nationally but mostly in the Midwest and East Coast, and as Stripes Convenience Stores within the West South Central United States. Both Speedway and Stripes operate alongside 7-Eleven's namesake stores in several markets. 7-Eleven also operates A-Plus locations with the name licensed from owner and fellow Dallas–Fort Worth metroplex-based Energy Transfer Partners, though most of these stores have since been rebranded as standard 7-Eleven stores.
Strange things are afoot down at the CircleK
ICWYDT
I was hoping......
Bold move (/s), considering the threatened government action RE ‘price gouging’ at markets...and such markets have the WORST prices, arguably for the ‘convenience’.
I still have an undated Circle K coupon for a free counter drink from the 1970s that I need to use.
My unscientific survey finds that Circle Ks look more modern, cleaner and are better stocked than 7/11s. Many 7/11s need to be refurbished. When given a choice, I go to a Parkers.
Circle K brought all the Holiday Station stores here in the midwest.
They bought out 7-11 in Florida back in the early 80’s................
OH no, please leave the Japanese 7-11 as is and update the US 7-11 to be like the ones in Japan and Taiwan.
You can actually get a good meal in those east asian 7-11s
Who knew 7-11s were Japanese owned?
The 7-11’s in Japan are incredible.
That’s the word for them - incredible. They are clean, spotless, well-lit and safe and open all hours of the day and night.
And they have fresh food - not just processed junk but fresh food. And tasty
Our Circle K has changed. All signs gone and it is still open.
Siete/once bump.
They just reached an agreement to buy the Pennsylvania/Ohio regional GetGo stores as well.
is Circle K trying to keep up with Casey’s recent expansion?
In 2005, Seven-Eleven Japan made a tender offer and 7-Eleven, Inc. became its wholly owned subsidiary
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