Couche-Tard Ups Bid for 7 & i Holdings

Seven & i Holdings said it has received a revised takeover offer from Alimentation Couche-Tard after previously rejecting a bid worth about $40 billion.

According to an article by AFP, “Seven & i Holdings did not give a figure for the revised offer … but Bloomberg News and other media outlets reported that it totaled around seven trillion yen ($47 billion).” The reports state that the new offer was sent September 19.

"As requested by ACT, the Company has maintained, and intends to continue to maintain, the confidentiality of its current discussions with ACT," Seven & i, Japan's biggest retailer, said in a statement.

BBC adds that "a Japanese company of Seven & i's size has never been bought by a firm from overseas." Seven & i will hold its quarterly earnings call on Thursday and its CEO is expected to address the media during the event.

The initial bid was announced in August.