Latest news with #takeover
Yahoo
a day ago
- Business
- Yahoo
3 Big Numbers: An elegy for Couche-Tard's attempted Seven & i buyout
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. 3 Big Numbers is a weekly column that looks at a few key details from around the c-store industry. On Wednesday, Alimentation Couche-Tard sent a letter to Seven & i Holdings announcing it was withdrawing its takeover bid for the international conglomerate. This brought an unceremonious end to what had been a long-running courtship. Circle K parent company Couche-Tard shared some final accusations of bad faith engagement and gave a little more context about the whole saga, adding that it withdrew the bid due to a 'lack of constructive engagement by Seven & i.' Seven & i responded with a short announcement in which it accepted the end of talks, shared vague disappointment in Couche-Tard's 'mischaracterizations' and touted its own ongoing initiatives. And then it was over. In this week's '3 Big Numbers,' we pay our respects to the end of a short-lived era as Couche-Tard bows out of its pursuit of Seven & i. 332 The number of days between Couche-Tard making its first bid for Seven & i and withdrawing from the discussions. Last August, Couche-Tard announced it was pursuing Seven & i. Almost one year later, the Canadian company threw in the towel. A lot has changed in that time. In its response to Couche-Tard's withdrawal, Seven & i noted that 'there have been significant changes in the global economy, exchange rates, and financing markets. As [Alimentation Couche-Tard] noted on its most recent earnings call, conditions in key markets have deteriorated since last year.' With the worry about this deal now in the rearview mirror, both companies can move forward. Seven & i has a number of initiatives in the pipeline it's working on, including taking its North American arm public and improving its food and delivery programs. 23% The gap between Couche-Tard's proposed buyout price per share and the closing price of Seven & i after Wednesday's news. Couche-Tard's President and CEO Alex Miller and Chairman of the Board Alain Bouchard noted in their letter that Couche-Tard had offered 2,600 yen per share for Seven & i. By the time trading on the Tokyo Exchange closed on Thursday, Seven & i's stock price was 2,008 yen per share — around a 23% difference. While it's impossible to know how well the stock will be doing in another year or two, right now the breakdown in talks has left a lot of money on the table for shareholders. It seems like many of them voted with their wallets via the stock market. More than 54 million shares changed hands Thursday on the Japanese exchange, while a normal day's trading doesn't even reach 7 million shares. Trading was even briefly halted during the day. Couche-Tard, meanwhile, actually saw a stock price boost from the news. It's possible that investors were worried about how much benefit the company could wring out of a deal for Seven & i. 100% How much of Seven & i Couche-Tard wanted to purchase. This one sounds obvious, we know. Couche-Tard made a bid for Seven & i, so of course they wanted the whole thing. But in the letter to Seven & i withdrawing from talks, Couche-Tard leaders shared that there were actually two other options on the table. Couche-Tard advanced a proposal that would see it buying 40% of the Japanese operations and all of Seven & i's international operations. Seven & i, meanwhile, suggested a deal where Couche-Tard would get 7-Eleven Inc., the North American branch of the company, and the Japanese retailer would get equity ownership in the Canadian retailer. It's interesting to note that Miller and Bouchard said an agreement for only 7-Eleven Inc. 'would undermine the operational prospects of the combined business.' Seven & i plans to spin off that part of the business in an IPO next year, a move some experts said could clear the way for Couche-Tard to buy just those stores. The company's letter makes that sound a lot less likely. Editor's note: This article was updated to correct the number of days since Couche-Tard's offer for Seven & i. Recommended Reading Couche-Tard ends takeover bid for Seven & i
Yahoo
a day ago
- Business
- Yahoo
Greenyard family founders secure majority share in takeover bid
The Deprez family founders of Belgium fruit and vegetable group Greenyard have successfully secured a majority share in the business as part of a takeover. Hein Deprez and his family launched a takeover offer for Brussels-listed Greenyard in April, seeking to purchase shares they did not already own in the business from shareholders. A new holding company was set up to house the family's existing 37.7% interest, along with any newly acquired shares - Garden based in Luxembourg. In a statement today (18 July), it was revealed that Garden, effectively the Deprez family, has now taken its ownership to 94.71% of Greenyard's shares as part of the bid process. The tendered price for the shares was €7.4 ($8.6) each, the same price as the initial offer put forward in the April announcement. Payment will be made no later than the 4 August, according to the statement. Despite not meeting the 95% acceptance threshold set forth in April, Garden has now waived that requirement but will reopen the bid offer on 24 July until 13 August. 'Shareholders who have not yet accepted the offer will have the opportunity to tender their shares in the offer during this subsequent acceptance period,' Garden said, with the aim of eventually acquiring 100% of Greenyard's shares. The acquisition strategy is supported by Solum Partners, a food and agriculture investment manager headquartered in Massachusetts. It will co-control Garden with the Deprez family after the transaction. Greenyard will be delisted from the Euronext Brussels exchange once full control is achieved. Mr Deprez founded what was then Univeg in 1987 before the company became Greenyard. In 2015 a merger between Greenyard, Univeg and agribusiness Peatinvest emerged, with Hein Deprez owning shares in each of those businesses before the deal was completed. Under previous notifications, Greenyard aims to reach €5.4bn in annual sales by March 2026, along with an adjusted EBITDA of €200-210m. In the first half of the current financial year, sales rose 6.1% to €2.6bn, driven by price increases and volume growth. Adjusted EBITDA increased 4.6% to €94.4m, while net profit was €1.2m. In the recent full financial year (2023/24), Greenyard's sales increased 10.9% to €5.1bn. Adjusted EBITDA rose 11.5% to €186.5m, and net profit was up 63% at €15.2m. "Greenyard family founders secure majority share in takeover bid" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Phone Arena
2 days ago
- Business
- Phone Arena
FCC criticised for coddling T-Mobile and endangering rural dynamics
T-Mobilehas been cleared for the takeover of UScellular by both the Department of Justice (DoJ) and the Federal Communications Commission (FCC), despite opposition by various stakeholders. The FCC is now receiving criticism for not imposing stricter roaming terms on T-Mobile . Unlike AT&T, T-Mobile , and Verizon, which are national carriers with nationwide coverage, UScellular is a regional telecom company with a focus on rural areas. T-Mobile is buying most of its operations for $4.3 billion, and the deal will bring over four million new customers. UScellular decided to sell itself because it was ill-equipped to meet the evolving needs of its customers, who were increasingly ditching it. The company was still important for other reasons, including providing employment in the 21 states it served and keeping competition afloat. The Rural Wireless Association (RWA) had requested that the FCC ask T-Mobile to honor the roaming arrangements UScellular had with rural companies, as highlighted by Fierce Wireless . The RWA is a trade association that represents rural carriers who each serve fewer than two million customers. —FCC, July 2025 The RWA feared that the transaction would otherwise harm both rural customers and rural carriers if T-Mobile insisted on unfavorable roaming agreements with RWA's requests were denied, with the FCC reassuring the coalition that its dispute resolution framework would ensure that any roaming agreements were roaming services from another carrier allows mobile wireless providers to ensure their subscribers aren't left without connectivity in areas where they don't provide service. Roaming agreements let carriers use the facilities of other companies to provide service to their customers when they travel outside of their service area. The RWA has criticized the FCC for rubber-stamping the deal, claiming it gave in to the demands of T-Mobile and UScellular. The FCC was seemingly only interested in using the deal approval as a lever to get T-Mobile to scrap its diversity, equity, and inclusion (DEI) program, which it dutifully did. UScellular typically signed reciprocal roaming agreements with rural companies, meaning both sides paid each other when their respective customers roamed onto each other's networks. T-Mobile , on the other hand, usually inks unilateral roaming agreements. This means that while customers of a rural carrier can use T-Mobile 's network, T-Mobile prefers not to provide service in an area with no terrestrial presence, instead of letting its subscribers access rural networks. —Carri Bennet, RWA's outside general counsel, July 2025 This represents lost roaming revenue for rural companies, and it might be enough to threaten their survival. When it greenlit T-Mobile 's purchase of UScellular, the FCC had said that rural providers who find it difficult to reach reasonable roaming deals with T-Mobile could file a complaint. This is often futile and leads nowhere. Analyst Roger Entner of Recon Analytics has suggested that the issue might be getting blown out of proportion. He said that rural carriers usually have reciprocal roaming agreements with at least one of the three major carriers, and UScellular was never an important part of the equation. —Roger Entner, principal of Recon Analytics, July 2025 Moreover, rural carriers aren't necessarily here for the long haul, and most will be glad to cash out when convenient. Another threat looming over roaming agreements with rural carriers is satellite service. T-Mobile 's Starlink-powered T-Satellite program will officially launch on July 23 and leave even fewer reasons for T-Mobile to enter into deals with rural carriers. If T-Mobile completely ices out rural carriers, it will further harm competition and might wipe them out. This will pave the way for T-Mobile to get its hands on even more spectrum. The DoJ had expressed concerns about spectrum aggregation when it decided not to stop T-Mobile from scooping up UScellular. The FCC, on the other hand, doesn't seem to have an issue with this, so regardless of RWA's objections, T-Mobile is only going to continue becoming more powerful now. However, if it means better service for rural areas, that might not matter much, at least in the short run.
Bloomberg
2 days ago
- Business
- Bloomberg
Vivendi Hit by EU Chargesheet for Closing Lagardere Deal Too Soon
Vivendi SE has been hit with a formal European Union complaint for allegedly closing its takeover of Lagardere SA before obtaining the green light from Brussels. The European Commission said Friday that 'Vivendi exercised decisive influence over Lagardere before the transaction was notified to the commission.' The issuing of a so-called statement of objections could pave the way for future fines of as much as 10% of their combined sales.
Bloomberg
2 days ago
- Business
- Bloomberg
Chevron CEO Seeks Peace With Exxon After Career-Defining Win
Chevron Corp. Chief Executive Officer Mike Wirth is extending an olive branch to the Exxon Mobil Corp. CEO who waged a 16-month fight to derail the biggest deal of his career. Chevron's victory in an international arbitration dispute initiated by Exxon allowed the $53 billion takeover of Hess Corp. to proceed, landing Wirth a highly coveted stake in one of the world's premier oil discoveries in Guyana.
