The convenience store giant behind Circle K is not giving up its hope of taking over the Japanese owner of its international rival, 7-Eleven.
Seven & i Holdings Co. Ltd. said in a Wednesday statement that it had received a revised confidential, private and non-binding proposal from Alimentation Couche-Tard.
The Laval, Que.-based business, which also owns stores under the Couche-Tard and Ingo banners, did not immediately respond to a request seeking confirmation of the proposal or details about its value.
Bloomberg and Reuters reported that the new bid values Seven & i at US$47 billion, about 22 per cent higher than an offer of $38.6 billion Couche-Tard made in August.
The Japanese company rebuffed the earlier bid, saying it “grossly undervalues” the potential of its convenience store business, while not fully addressing U.S. regulatory concerns.
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The refusal “disappointed” Couche-Tard, which said in September that it remains focused on reaching a deal.
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