OTTAWA (dpa-AFX) - Japan's 7-Eleven owner, Seven & I Holdings Co. (SVNDF.PK, SVNDY.PK), has rejected a US$14.86 per share cash proposal from the Canadian convenience store multinational Alimentation Couche-Tard (ANCUF.PK, ATD_B.TO, ATD_A.TO), stating that the offer 'grossly' undervalues the company's intrinsic value and opportunities to unlock that value.
The Tokyo-based company believes that the proposal does not adequately acknowledge the multiple and significant challenges such a transaction would face from U.S. competition law enforcement agencies in the current regulatory environment.
However, Seven & I Holdings stated that it is open to sincerely considering any proposal that is in the best interests of its shareholders and other stakeholder.
Last month, Seven & i Holdings said it received a 'friendly, non-binding' proposal from Alimentation Couche-Tard to buy the company.
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