Shares of Seven & i tumbled as much as 12% on Tuesday, following a report the 7-Eleven owner plans to reject a $47 billion takeover offer from Canada’s Alimentation Couche-Tard, although the Japanese company said it was still considering the offer.
The shares were down 8% at 2,023 yen in afternoon trade in Tokyo having earlier declined as much as 12%, touching their lowest in a little more than six months.
The Yomiuri newspaper reported on Tuesday that Seven & i planned to reject the takeover offer from Circle-K owner Couche-Tard and instead seek to enhance corporate value on its own.
However, in a statement, a Seven & i spokesperson said it “remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal” from Couche-Tard.
It said its special committee is “engaging constructively” with Couche-Tard.
Seven & i is finalising a plan for CEO Ryuichi Isaka to step down with his replacement almost certain to be director Stephen Dacus, Reuters has reported.
Dacus heads a special committee to evaluate the takeover bid from Couche-Tard and a take-private deal from Seven & i’s founding family that recently collapsed.
Reuters
