7-Eleven Parent Open To Improved Takeover Bid by Circle K Owner

Japan’s Seven & i said Monday that it is open to talks with Alimentation Couche-Tard if the Canadian owner of Circle K stores improves its $39 billion bid for the 7-Eleven parent.

“We remain open to engaging in sincere discussions should ACT put forth a proposal that fully recognizes Seven & i’s standalone intrinsic value and addresses the Special Committee’s very real regulatory concerns,” Seven & i said. 

Couche-Tard Says Open To Divestitures To Seal Deal

Seven & i had rejected the offer for its convenience store chain by the Canadian firm late last week, saying it undervalued the company and doesn’t address antitrust concerns.

Its latest statement was made in response to a press release from Couche-Tard on Sunday in which the Quebec-based company called for more discussions. The Circle K owner said it would “jointly consider divestitures that may be required to secure regulatory approvals” for the deal.

Both companies have large networks in the U.S.