Alimentation Couche-Tard Inc.’s CEO says the company is taking a persistent but friendly approach with the Japanese owner of the 7-Eleven convenience store chain it’s trying to acquire.
Alex Miller says he remains confident in that approach and his Laval, Que.-based firm’s ability to finance and close on the friendly, non-binding bid it made to acquire Seven & i Holding Co. Ltd.
On top of global convenience store chain 7-Eleven, Seven & i owns supermarkets, food producers, household goods retailers and financial services companies.
Miller says he continues to see a strong opportunity in Seven & i, which he feels could help enhance offerings and service at Couche-Tard and its Circle K and Ingo banners.
Since Couche-Tard made its bid for Seven & i in mid-August, it has faced an uphill battle to close the deal.
First, Seven & i slammed the offer as too low to seriously consider, pushing Couche-Tard to up its bid. Then, a member of the family that helped found Seven & i made a rival buyout proposal.
This report by The Canadian Press was first published Nov. 26, 2024.
Companies in this story: (TSX:ATD)
Tara Deschamps, The Canadian Press