Canadian convenience store giant Alimentation Couche-Tard Inc. (ACT) could be the new owner of 7-Eleven, as it has proposed the takeover to the chain’s current Japanese proprietor.
In a statement, Alimentation Couche-Tard Inc. said it had sent a preliminary bid to Tokyo-based Seven & i.
ACT
“The company strives to achieve a mutually acceptable transaction that benefits customers, employees, franchisees and to the shareholders of both companies,” said ACT in a press release.
“There is no guarantee at this stage that an agreement or transaction will conclude.”
ACT did not disclose specific monetary details of the potential offer.
Seven & i released a response confirming ACT’s acquisition proposal.
It said the company’s board of directors had formed a special committee to review the proposal, which will conduct a “prompt, careful, and comprehensive review” of the plan.
“Neither the Board of Directors nor the Special Committee has made any determination at this time to either accept or reject the proposal from ACT, to enter into discussions with ACT or to pursue any alternative transaction,” said Seven & i.
The Japanese company says it currently owns 85,000 7-Eleven stores across the world and employs over 157,000 people.
The Quebec-based ACT owns the Circle K and Ingo brands and has over 16,700 convenience store and gas station locations in 31 countries.
ACT said it doesn’t intend to release any more public statements about the proposal or its discussion with Seven & i “unless or until an agreement is reached.”