TOKYO (Reuters) -Japanese retail giant Seven & i Holdings said on Friday it had turned down Canada's Alimentation Couche-Tard's $38.5 billion cash bid...
FILE PHOTO: An employee organises food products at a 7-Eleven convenience store in TokyoTOKYO -Japanese retail giant Seven & i Holdings said on Friday it had turned down Canada's Alimentation Couche-Tard 's $38.5 billion cash bid, rejecting an offer that would be the largest-ever foreign buyout of a Japanese company.
"We do not believe, for several critical reasons, that the proposal you have put forward provides a basis for us to engage in substantive discussions regarding a potential transaction," said the letter sent from Stephen Dacus, the chair of the Seven & i special committee of independent directors that was formed to consider the offer.
Travis Lundy, an independent analyst who publishes on Smartkarma, said there still appeared to be room for Couche-Tard to improve its proposal. While Seven & i is much larger than Couche-Tard in terms of sales, stores, and employees, its shares have underperformed for years, drawing complaints from investors including ValueAct Capital about the company's management and asset structure.Despite the rejection, Couche-Tard's bid is the latest example of the growing interest in Japanese companies by Western investors, who have been drawn by the country's push for better governance.
7-Eleven is the biggest U.S. convenience store operator with a 14.5% share of the market in 2023 and Couche-Tard's brands had a 4.6% share, according to analytics and consulting firm GlobalData. We recently compiled a list of the Top 10 Stocks on Jim Cramer’s Radar. In this article, we are going to take a look at where Amazon.com Inc. stands against the other stocks on Jim Cramer’s radar. Jim Cramer often reflects on how he would reform the American education system if it were up to Earlier this week Angela Rayner confirmed there are no plans to increase English council taxes - but declined to say whether she'd scrap the single person discount to the bill.
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