Seven & i has confirmed it received a preliminary proposal from ACT to acquire all outstanding shares, establishing a committee to review the bid and recommend to the board.
The potential takeover of Seven & i by Alimentation Couche-Tard could become the largest foreign acquisition of a Japanese company, coinciding with new flexible rules for unsolicited offers.
Following the news of the acquisition proposal, shares of Seven & i surged by 22%, raising the company's market valuation to 5.6 trillion yen, or 29.6 billion USD.
The history of 7-Eleven dates back to the 1920s in Texas and has evolved into a global convenience store chain with over 84,000 locations worldwide.
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