Skip to main content

7-Eleven Parent Gets Takeover Bid From Alimentation Couche-Tard

Seven & i Holdings form a special committee to consider the 'friendly offer' from the owner of Circle K convenience stores.
Greg Sleter headshot
7-eleven
Seven & i Holdings owns 7-Eleven, Speedway, and Stripes stores across the U.S.

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-ElevenSpeedway, 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. 

Advertisement - article continues below
Advertisement

“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. 

X
This ad will auto-close in 10 seconds