7-Eleven Shares Jump as Rival Makes New Buyout Offer

Shares in the owner of convenience store giant 7-Eleven jumped on Wednesday after it received a new takeover offer from Canadian rival Alimentation Couche-Tard.

Japan’s Seven & I Holdings confirmed the new approach but did not reveal any new details.

The announcement came after Bloomberg News reported that the new offer valued the firm at more than $47 billion, around 20% higher than previously.

In September, Seven & I rejected a $38 billion approach from Couche-Tard, saying it grossly undervalued the firm and that any potential takeover would face major regulatory hurdles.

Seven & I shares ended the day 4.7% higher in Tokyo after initially jumping by 9.5%.
The new offer was reportedly submitted to Seven & I on 19 September and no discussions between the two sides have taken place since.