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Japan Today
01-05-2025
- Business
- Japan Today
Seven & i, Couche-Tard sign non-disclosure pact over takeover talks
Seven & I's logo is seen at its 7-Eleven convenience store in Tokyo. Seven & i Holdings Co and Alimentation Couche-Tard Inc said Thursday they have signed a non-disclosure agreement to facilitate the exchange of information as the Canadian retailer seeks to acquire the Japanese firm. The agreement, considered a prerequisite for friendly talks, suggests progress in Couche-Tard's buyout proposal, although the operator of the 7-Eleven convenience store chain is still looking at the option of pursuing growth on its own. The provisions include the Canadian firm, operator of the Circle K convenience stores, not conducting a hostile takeover. "The execution of the (non-disclosure agreement) is a positive step in the constructive engagement process with" Couche-Tard, said Paul Yonamine, the chair of the Japanese company's special committee looking into the takeover proposal. "We remain committed to pursuing two parallel paths to ensure that value for shareholders and other stakeholders is maximized," Yonamine said, referring to the acquisition offer and the go-it-alone plan. Couche-Tard also released a statement, saying, "There can be no assurance that these discussions will result in a transaction." "We look forward to working collaboratively with Seven & i in the interests of all stakeholders," CEO Alex Miller said. Seven & i said in August 2024 that it had received a takeover proposal from Couche-Tard, with the offer currently exceeding 7 trillion yen ($49 billion). Despite the offer and talks including regulatory issues, Seven & i made clear in March that it plans to seek an independent path. Couche-Tard, however, has not withdrawn its takeover proposal. © KYODO
The Mainichi
01-05-2025
- Business
- The Mainichi
Seven & i, Couche-Tard ink non-disclosure pact over takeover talks
TOKYO (Kyodo) -- Seven & i Holdings Co. and Alimentation Couche-Tard Inc. said Thursday they have signed a non-disclosure agreement to facilitate the exchange of information as the Canadian retailer seeks to acquire the Japanese firm. The agreement, considered a prerequisite for friendly talks, suggests progress in Couche-Tard's buyout proposal, although the operator of the 7-Eleven convenience store chain is still looking at the option of pursuing growth on its own. The provisions include the Canadian firm, operator of the Circle K convenience stores, not conducting a hostile takeover. "The execution of the (non-disclosure agreement) is a positive step in the constructive engagement process with" Couche-Tard, said Paul Yonamine, the chair of the Japanese company's special committee looking into the takeover proposal. "We remain committed to pursuing two parallel paths to ensure that value for shareholders and other stakeholders is maximized," Yonamine said, referring to the acquisition offer and the go-it-alone plan. Couche-Tard also released a statement, saying, "There can be no assurance that these discussions will result in a transaction." "We look forward to working collaboratively with Seven & i in the interests of all stakeholders," CEO Alex Miller said. Seven & i said in August 2024 that it had received a takeover proposal from Couche-Tard, with the offer currently exceeding 7 trillion yen ($49 billion). Despite the offer and talks including regulatory issues, Seven & i made clear in March that it plans to seek an independent path. Couche-Tard, however, has not withdrawn its takeover proposal.
Japan Times
01-05-2025
- Business
- Japan Times
Seven & I and Couche-Tard sign nondisclosure agreement
Seven & I Holdings and Canada's Alimentation Couche-Tard said Thursday they have signed a nondisclosure agreement, in a move that might signal discussion on the latter's takeover proposal is moving forward. In a statement issued on Thursday, Seven & I said the agreement would facilitate information sharing between the two companies, in addition to the information already provided to potential divestiture package buyers. Paul Yonamine, who chairs an independent special committee that is reviewing Couche-Tard's proposal, said Seven & I will work with the Canadian bidder to explore the possibility of a deal while simultaneously building on its standalone plan to achieve growth. 'We caution that it remains the case that it is critical for the (special committee) to assess if there is a path to a viable divestiture by identifying potential buyers and determining their ability to stand up a real, stand-alone business that will preserve competition and satisfy regulators. That work is ongoing,' Yonamine said in the statement. Couche-Tard also noted in a Thursday release, 'There can be no assurance that these discussions will result in a transaction,' adding that the agreement will allow the two parties to 'progress transaction discussions, facilitate due diligence, and collaborate on plans to engage with regulators.' Shares in Seven & I rebounded by 3.4% in Tokyo trading after the market opened on Thursday. Seven & I had cited antitrust issues as a key hurdle to any talks with Couche-Tard and hadn't agreed to sign a nondisclosure agreement until now. It has also actively attempted to avert the takeover since Couche-Tard announced its plan to purchase Japan's largest convenience store chain operator last August. Moves Seven & I has done so far include a massive management buyout proposal that later fell apart, as well as bringing a veteran American executive on as its new CEO . After the company's founding family withdrew from the buyout proposal earlier this year, Seven & I unveiled in March one of the largest buyback plans ever in Japan that would see it purchase ¥2 trillion ($13.9 billion today) in shares through 2030, including a maximum of ¥600 billion in the fiscal year ending in March 2026. To finance the buyback, the company said it would sell its noncore grocery retail businesses to Bain Capital while taking its North American subsidiary public by the second half of 2026.
Malaysian Reserve
01-05-2025
- Business
- Malaysian Reserve
Seven & i Holdings Provides Update on ACT Discussions
TOKYO, April 30, 2025 /PRNewswire/ — Seven & i Holdings Co., Ltd. ('the Company' or 'Seven & i') today provided the following update on its discussions with Alimentation Couche-Tard Inc. ('ACT'). The Company's independent Special Committee ('SC') of the Board of Directors, chaired by Paul Yonamine, said that the two companies have signed a non-disclosure agreement ('NDA') with customary and appropriate provisions including a 'standstill,' the detailed terms of which will remain confidential. The NDA will now facilitate the sharing of information between ACT and Seven & i that is in addition to the information that is already being provided to potential divestiture package buyers. Mr. Yonamine further noted: 'The execution of the NDA is a positive step in the constructive engagement process with ACT. We remain committed to pursuing two parallel paths to ensure that value for shareholders and other stakeholders is maximized: (1) working closely with ACT to explore the possibility of a viable divestiture path to ensure that any potential sale transaction can be completed if agreed upon, and (2) a stand-alone plan, where well-defined management initiatives and having Stephen Hayes Dacus as CEO will be key to our success. Nothing has changed in that regard. As we have said previously, we caution that it remains the case that it is critical for the SC to assess if there is a path to a viable divestiture by identifying potential buyers and determining their ability to stand up a real, stand-alone business that will preserve competition and satisfy regulators. That work is ongoing. Unlocking significant value for shareholders and other stakeholders remains Seven & i's top priority.' Media ContactsKekst CNC In Tokyo:Jochen In New York:Ruth Pachman / Nathan /
Yahoo
30-04-2025
- Business
- Yahoo
Seven & i Holdings Provides Update on ACT Discussions
TOKYO, April 30, 2025 /PRNewswire/ -- Seven & i Holdings Co., Ltd. ("the Company" or "Seven & i") today provided the following update on its discussions with Alimentation Couche-Tard Inc. ("ACT"). The Company's independent Special Committee ("SC") of the Board of Directors, chaired by Paul Yonamine, said that the two companies have signed a non-disclosure agreement ("NDA") with customary and appropriate provisions including a "standstill," the detailed terms of which will remain confidential. The NDA will now facilitate the sharing of information between ACT and Seven & i that is in addition to the information that is already being provided to potential divestiture package buyers. Mr. Yonamine further noted: "The execution of the NDA is a positive step in the constructive engagement process with ACT. We remain committed to pursuing two parallel paths to ensure that value for shareholders and other stakeholders is maximized: (1) working closely with ACT to explore the possibility of a viable divestiture path to ensure that any potential sale transaction can be completed if agreed upon, and (2) a stand-alone plan, where well-defined management initiatives and having Stephen Hayes Dacus as CEO will be key to our success. Nothing has changed in that regard. As we have said previously, we caution that it remains the case that it is critical for the SC to assess if there is a path to a viable divestiture by identifying potential buyers and determining their ability to stand up a real, stand-alone business that will preserve competition and satisfy regulators. That work is ongoing. Unlocking significant value for shareholders and other stakeholders remains Seven & i's top priority." Media ContactsKekst CNC In Tokyo:Jochen In New York:Ruth Pachman / Nathan / View original content to download multimedia: SOURCE Seven & i Holdings Co., Ltd. Sign in to access your portfolio
