Sale of 7-Eleven paused for now

(WKBN) – A Canadian convenience store conglomerate that will soon own Getgo and is trying to take over 7-Eleven is getting some pushback from 7-Eleven’s parent company.

The board for Seven & i Holdings Co. said Friday that Alimentation Couche-Tard Inc.’s offer of $38.6 billion for 7-Eleven wasn’t in the best interest of Seven & i shareholders and other stakeholders.

Stephen Dacus, who heads a special committee looking at the proposed takeover said the offer “greatly” undervalues the potential of the convenience store business and didn’t fully address U.S. regulatory concerns, according to the Associated Press.

A takeover that bid may have problems getting U.S. regulatory approval. Couche-Tard, which also owns Circle K, has already entered into an agreement with Giant Eagle’s Getgo convenience store gas stations. The sale is expected to close sometime next year, pending FTC approval.

Couche-Tard may make another offer for 7-Eleven but did not immediately respond after its offer was rejected, according to the Associated Press.

The 7-Eleven franchise includes 86,000 stores in Japan, the U.S. and other Asian nations, while Alimentation Couche-Tard operates about 17,000 stores in 31 countries, including the U.S., Europe, Canada and Japan.

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