Alimentation Couche-Tard Inc.'s incoming CEO says the company is convinced it can close on a blockbuster bid to take over 7-Eleven-owner Seven & i Holdings Co. Ltd.
A Couche-Tard convenience store is seen in Montreal, Thursday, Sept. 5, 2024. Alimentation Couche-Tard Inc.'s incoming CEO says the company is convinced it can close on a blockbuster bid to take over 7-Eleven-owner Seven & i Holdings Co. Ltd. THE CANADIAN PRESS/Christinne MuschiAlimentation Couche-Tard Inc.'s incoming CEO says the company is convinced it can close on a blockbuster bid to take over 7-Eleven-owner Seven & i Holdings Co. Ltd.
Laval, Que.-based convenience store chain Couche-Tard revealed in mid-August that it had made a friendly, non-binding bid to acquire all outstanding shares in Seven & i, which said it would convene a special committee of its board of directors to review the offer. "Although there have been reforms in the country to make takeovers easier, most Japanese firms are very cautious and resistant to change. That includes Seven & i, whose complex operating model also hampers a deal," Neil Saunders, managing director of GlobalData, said in an August email.
The same day it announced its Seven & i bid, Couche-Tard said it signed an agreement to buy GetGo Cafe stores from supermarket retailer Giant Eagle Inc. Like Couche-Tard, GetGo has gas stations and convenience stores, but also has a heavy focus on made-to-order food, which Miller said is "extremely popular" and offers lots of opportunities for his company.
The company's first-quarter net earnings attributable to shareholders were released Wednesday. It reported US$790.8 million, down from US$834.1 million in the same quarter last year.
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