Couche-Tard analyzes possible sale of U.S. stores amid Seven & i offer
The Canadian company’s leaders are set to travel to Tokyo for a media briefing next week and discuss its $47 billion proposal.
Alimentation Couche-Tard is exploring the potential sale of some of its stores in the United States as part of its efforts to secure regulatory approval for a possible acquisition of Seven & i.
The Canadian convenience retail giant, which operates Circle K stores, has identified a portfolio of U.S. locations and is in discussions with potential buyers. “We believe there is a clear path to obtaining regulatory approvals of a transaction with Seven & i and have made a robust proposal to Seven & i about our commitment to doing so,” stated a spokesperson from Couche-Tard who talked to Reuters.
To further support its bid, Founder Alain Bouchard, CEO Alex Miller, and CFO Filipe Da Silva are set to travel to Tokyo for a media briefing on March 13, where they will discuss the company’s $47 billion acquisition proposal.
Meanwhile, Seven & i recently announced a leadership transition. Stephen Hayes Dacus, currently serving as chairman of the board and lead independent outside director, will succeed Ryuichi Isaka as president, representative director, and CEO following the company’s Annual General Meeting. Isaka will continue as a senior advisor to the group.
Although early reports suggest that Seven & i is inclined to reject the takeover proposal, the Japanese company has stated that it remains committed to evaluating all strategic opportunities.
The founding Ito family of Seven & i Holdings recently failed in its attempt to secure funding for a $50 billion buyout of the company, a bid that had been in the works for several months.
As negotiations continue, Couche-Tard’s willingness to divest certain U.S. assets could play a key role in determining whether the proposed acquisition moves forward.
