The Japanese owner of 7-Eleven said Monday it had agreed to jointly explore store sell-offs with a Canadian rival to address antitrust concerns ahead of a potential merger.
It comes just days after Seven & i — which for two decades has wholly owned 7-Eleven, the world’s biggest convenience store brand — announced measures including a huge share buyback to fend off a takeover from Canada’s Alimentation Couche-Tard (ACT).
Seven & i last year rebuffed ACT’s initial buyout offer worth nearly $40 billion, saying it had “grossly” undervalued its business and could face regulatory hurdles.
It would be the biggest foreign takeover of a Japanese firm — merging the 7-Eleven, Circle K and other franchises to create a global convenience store behemoth.
Japanese media reported last week that a special committee scrutinising a raised offer by ACT of reportedly around $47 billion had decided to reject that too.
But Seven …