In a bold move, Japan’s Seven & i Holdings, the owner of the global convenience store giant 7-Eleven, has turned down a $38 billion takeover offer from Canadian retail powerhouse Alimentation Couche-Tard (ACT), calling the bid “opportunistically timed” and far below the company’s true value.
In a letter to ACT, Seven & i stated that the offer “grossly undervalues” the company and flagged major regulatory hurdles, especially in the U.S. The proposed acquisition, if accepted, would have created a convenience store empire with over 100,000 outlets globally. Despite the rejection, Seven & i left the door open for further negotiations, saying it’s willing to consider a revised proposal.
ACT, which operates the Circle K and Couche-Tard chains, currently has 17,000 stores worldwide. The initial offer valued Seven & i at $14.86 per share—over 20% higher than its pre-offer stock price—tempting given the weak yen.
However, the proposal has raised national concerns in Japan, where major foreign takeovers are rare. Analysts warn that any such deal could face a lengthy and challenging review process, especially under Japan’s new M&A guidelines.
For now, Seven & i is standing firm—sending a clear message: national pride and long-term value trump quick deals.
