Couche-Tard's Friendly Bid for Seven & i
In a recent interview, Alain Bouchard, founder and executive chairman of Alimentation Couche-Tard Inc., the Canadian convenience store giant, addressed the company's ongoing bid for Seven & i Holdings Co., the parent company of Seven-Eleven Japan.
Bouchard emphasized that Couche-Tard's approach remains friendly, despite Seven & i's initial rejection of their offer. He stated, "We don't want to be hostile. That's not our plan. We want to be friendly."
Couche-Tard, known for its Couche-Tard and Circle K brands in North America, believes that the industry needs a strong leader and sees Seven-Eleven as the ideal partner. Bouchard expressed, "This industry needs a big champion, and we want to be the champion with Seven-Eleven."
Following Seven & i's rejection of their initial offer, citing undervaluation, Couche-Tard increased their bid by approximately 1 trillion yen in September. However, Seven & i responded by exploring a management buyout to take the company private.
The focus now lies on whether Couche-Tard will further raise their offer to counter Seven & i's move. Company president and CEO Alex Miller, while declining to provide a definitive answer, emphasized the compelling nature of their current offer.
Seven & i's holdings extend beyond Seven-Eleven Japan, encompassing the supermarket chain Ito-Yokado and other companies. The outcome of this potential acquisition remains uncertain, with both companies maneuvering for strategic advantage.