Seven & i Holdings rejects $38.5b takeover offer from Couche-Tard

Couche-Tard's offer was priced at $14.86 per share.

Japan's Seven & i Holdings, the parent company of 7-Eleven, has rejected a $38.5b cash bid from Canada's Alimentation Couche-Tard, Reuters reported.

The offer, which would have been the largest foreign takeover of a Japanese company, was deemed not in the best interest of shareholders and raised significant antitrust concerns in the U.S.

Seven & i disclosed that Couche-Tard's offer was priced at $14.86 per share but stated it would consider any proposals addressing both shareholder value and regulatory issues. However, the company emphasised that the current bid did not sufficiently address these concerns.

Couche-Tard has not responded to the rejection, but its incoming CEO expressed confidence in completing the deal. 

Despite potential for a higher offer, analysts remain skeptical about the chances of a successful takeover due to regulatory challenges.