7-Eleven Parent Gets Takeover Bid From Alimentation Couche-Tard
Alimentation Couche-Tard Inc. has submitted to Seven & i Holdings a “friendly, non-binding proposal” in an attempt to reach a mutually agreeable transaction.
Couche-Tard said it is focused on reaching a deal that benefits both companies' customers, employees, franchisees, and shareholders.
“There can be no certainty at this stage that any agreement or transaction will be reached,” Couche-Tard said in a statement. “The company does not anticipate issuing any further public statements regarding discussions with Seven & i unless or until an agreement is reached.”
Seven & i Holdings, the parent company of 7-Eleven, Speedway, and Stripes stores across the U.S., issued a statement confirming it has received Couche-Tard’s proposal. As a result, its board of directors has formed a special committee of the board of directors, comprised solely of independent outside directors, led by Stephen Hayes Dacus, as chairperson of the board of directors, to review the proposal.
“Consistent with its obligation to act in the best interest of its shareholders and other stakeholders of the company, the special committee intends to conduct a prompt, careful, and comprehensive review of the proposal, the company's stand-alone plans and other alternatives for enhancing corporate value, after which a response will be made to ACT,” officials with Seven & i Holdings said. “Neither the board of directors nor the special committee has made any determination at this time to either accept or reject the proposal from Couche-Tard, to enter into discussions, or to pursue any alternative transaction.”
News of Couche-Tard’s outreach to Seven & i Holdings comes the same day it announced reaching a definitive agreement to acquire GetGo Café +Markets from supermarket retailer Giant Eagle, Inc.
With approximately 270 convenience stores and fueling stations across Pennsylvania, Ohio, West Virginia, Maryland, and Indiana. GetGo has a variety of models – from open-concept stores to stand-alone kiosks and features an extensive menu of made-to-order foods.
