Alimentation Couche-Tard (ACT) said today it “is in exploratory talks with third parties about a potential sale of U.S. stores to help it gain regulatory approval should it reach a deal to take over Seven & i,” reported Reuters.
The Canadian company, operator of Circle K stores, said it has identified a portfolio of U.S. stores and is in talks to “identify possible acquirers.”
“We believe there is a clear path to obtaining regulatory approvals of a transaction with Seven & i and have made a robust proposal to Seven & i about our commitment to doing so,” a Couche-Tard spokesperson said.
ACT said its top executives will visit Tokyo to speak with media about its $47 billion bid to buy Seven & i. Founder Alain Bouchard, CEO Alex Miller and CFO Filipe Da Silva will hold a media briefing on March 13.
Earlier this week, Seven & i announced that Stephen Hayes Dacus, currently chairman of the board as the lead independent outside director, will succeed Ryuichi Isaka as president and representative director and CEO, according to a press release.
The appointment will be effective after the group's Annual General Meeting. Isaka will continue to serve as a senior advisor to the group.
Earlier this week, Seven & i Holdings was reportedly planned to reject the takeover offer from Alimentation Couche-Tard and instead seek to enhance corporate value on its own.
“The Canadian retailer has offered $18.19 a share for Seven & i, which represents a premium of almost one third from the current share price, based on Thursday's [February 27] yen exchange rate,” wrote Reuters.
However, in a statement, a Seven & i spokesperson said it “remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal” from Couche-Tard. It said its special committee is “engaging constructively” with Couche-Tard.
In February, the founding Ito family of Seven & i Holdings failed to secure the money to buy out the company. The announcement came months after the family launched a bid worth over $50 billion.