Couche-Tard Raises Bid for Seven & i Holdings

Alimentation Couche-Tard has increased its takeover bid for Japan's Seven & i Holdings to approximately $47 billion, up from a previous offer of $38.5 billion, marking the largest potential foreign buyout of a Japanese firm. The new offer of $18.19 per share represents a 22% increase over Couche-Tard's earlier bid, which Seven & i had previously rejected as undervaluing the company. Following the announcement, shares in Seven & i surged nearly 12%, though investor confidence remains cautious. Seven & i has indicated plans to focus on enhancing its corporate value independently, despite pressure from foreign investors to consider the offer. Couche-Tard, which owns Circle K, expressed disappointment over the initial rejection but remains optimistic about reaching a mutually agreeable deal. The outcome of the negotiations could significantly reshape the convenience store landscape, with Seven & i operating over 85,000 7-Eleven stores worldwide.