Alimentation Couche-Tard, the parent company of Circle K, has significantly raised its offer by 22% in a bid to acquire Seven & I Holdings, the Japanese company behind 7-Eleven.
If successful, this would mark the largest foreign acquisition of a Japanese company in history, according to a report from Reuters.
The new offer stands at $18.19 per share, up from the original bid of $14.86 per share.
Manoj Jain, co-founder and co-CIO of Hong Kong-based Maso Capital, commented on the updated offer, saying, “This increased proposal from ACT is much more attractive than the initial one. While there are still regulatory challenges ahead, the board of Seven & I should consider engaging to explore the potential for this deal to move forward.”
For the latest retailer news and information, check out the ServoPro website or to speak to us about how we can help your business contact us.