Seven & i Holdings rejected Couche-Tard's $38.5 billion bid, citing lack of shareholder benefit and potential regulatory hurdles that could arise from the merger.
'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.
Seven & i emphasized it would resist any proposal that compromises shareholders' intrinsic value and fails to adequately address real regulatory concerns.
Couche-Tard's incoming CEO expressed confidence in financing the deal, despite Seven & i's rejection and the subsequent drop in Couche-Tard's stock price.
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