Seven & i Holdings says it will review the takeover offer from Canada’s Alimentation Couche-Tard, which would unite the 7-Eleven and Circle K brands.
For almost two decades, a Japanese company has controlled America’s most popular convenience store chain. That could be about to change.
On Monday, Tokyo-headquartered retail conglomerate Seven & i Holdings, owner of 7-Eleven, said it had received a takeover bid from Canada’s Alimentation Couche-Tard, operator of rival convenience store chain Circle K.
In a statement, Seven & i said it would review the proposal after setting up a special committee of independent directors, but has not decided whether to accept or reject the offer.
A change in ownership would be a big deal for a few reasons.
For one, Couche-Tard’s bid marks the biggest attempt by a foreign entity to take over a Japanese company, per Dealogic data dating back to 1995, CNN reported.
