(AmericanProsperity.com) – The owner of 7-Eleven has received an offer from a Canadian rival to buyout the whole company. If this transaction goes through, this would be Japan’s biggest foreign takeover.
Seven & i is a Tokyo based convenience store and gas station, and they’ve received a bid from Alimentation Couche-Tard, which is a Canadian multinational convenience store.
7-Eleven has grown into one of the most popular and largest convenience stores in the world with more than eighty thousand stores across nineteen countries. ACT has over sixteen thousand stores across thirty countries.
The company announced that they received a proposal from ACT to acquire all of its outstanding shares and they have set up a committee that would review the proposal.
7-Eleven has been around since the twenties when it started in Texas and it got its name in the forties for its operational hours which were from seven in the morning until eleven at night. Since then, the company has expanded across the United States and become a common name among households even after it was purchased by Seven & i in 2005.
ACT began its journey in Quebec forty years ago and it now has over six hundred and fifty convenience stores in Canada. Two decades ago the company bought United States convenience store Circle K, which now has stores across the world.
ACT has been trying to boost its global presence with acquisitions, and they have even tried, unsuccessfully, to buy the French supermarket Carrefour. They have also tried to bid out the U.S. petrol station Speedwayl, but that was also unsuccessful.
Stephen Hayes Dacus is the chairman that will review the proposal from ACT. The company has stated that they’ve not yet made a decision to accept or reject the proposal to buy out the outstanding shares.
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