7-Eleven’s Japanese Owner Rejects Canadian Rival’s ‘Grossly’ Undervalued Buyout Offer

The Japanese parent company of 7-Eleven yesterday (Sept. 6) shot down an acquisition proposal from a Canadian rival that would have created the largest-ever foreign buyout of a Japanese company. The offer from Alimentation Couche-Tard, the Quebec-based owner of the convenience store chain Circle K, “grossly undervalues” 7-Eleven’s worth and is “opportunistically timed,” said the Tokyo-based Seven & I Holdings in a filing with the Tokyo Stock Exchange.

Couche-Tard owns more than 16,000...