Seven & i stocks closed more than 11 percent higher, having soared as much as 17 percent following the news. This reflects the market's optimism about the potential acquisition.
Ito-Kogyo holds a stake of around eight percent in the Japanese retail giant. However, Mr Ito has been excluded from all discussions within the Company regarding any proposal.
Seven & i said on Wednesday it had received a non-legally binding acquisition proposal from its vice president Junro Ito. A special committee is reviewing the proposal with advisors.
Couche-Tard's potential takeover could lead to the largest foreign buyout of a Japanese firm, requiring significant financing from banks to go private.
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