Shares in the Japanese owner of 7-Eleven surged Wednesday following reports that Canada’s Alimentation Couche-Tard (ACT) had hiked its takeover offer by almost 20 percent.
Japan’s biggest retailer Seven & i last month rejected ACT’s initial offer, saying the $40 billion proposal undervalued its business and could face regulatory hurdles.
If realised, it would be the biggest-ever foreign buyout of a Japanese firm.
But Bloomberg News and Japan’s Nikkei business daily reported Wednesday that ACT, which owns the Circle K brand, had upgraded its offer to $18.19 per share, or a total of around seven trillion yen ($47.2 billion).
Shares in Seven & i jumped nearly 12 percent in early trade, before settling at up 4.7 percent by mid-morning.
The new offer was sent to Seven & i on September 19, the reports said, adding that no substantive negotiations have taken place since then.
Seven & i declined to comment …