By Kosaku Narioka
The owner of 7-Eleven said financial advisers to the company and Alimentation Couche-Tard are searching for potential buyers for some stores to mitigate U.S. antitrust risk related to a potential takeover of the Japanese retail giant by the Canadian owner of Circle K.
Seven & i Holdings said in a letter to shareholders Monday that Couche-Tard recently agreed to jointly explore a potential sale of some stores prior to signing a takeover agreement.
The 7-Eleven owner said that now is the right time to advance business initiatives in parallel with its discussion with Couche-Tard and that the company remains focused on identifying all other options to improve shareholder value.
Seven & i on Thursday said it would split its North American convenience stores into a separate listed company by the second half of next year, stating that U.S. stores would be better off with more independence.
The 7-Eleven parent also named its first American chief executive, former Walmart executive Stephen Hayes Dacus. Thursday's moves included a $5.4 billion deal in which U.S. private-equity firm Bain Capital would take over superstores and other businesses owned by the 7-Eleven parent, allowing the company to focus on its core convenience-store business.
Seven & i also said it would buy back up to $13 billion in its own shares by fiscal 2030.
Dacus said Thursday that the company was working with Couche-Tard on addressing antitrust issues involved in a potential deal, which he described as significant.
Couche-Tard has said the company believes there is a clear path to obtaining regulatory approvals, and it had identified a portfolio of U.S. stores to be sold, as part of its preliminary planning to secure approval in the U.S. in the event of a deal with Seven & i.
The 7-Eleven owner in September rejected an initial $39 billion buyout bid from Couche-Tard, saying the proposal underestimated the company's value. Couche-Tard later raised its offer to about $47 billion.
Seven & i also said Monday that Joseph DePinto stepped down as director on Sunday. DePinto remains chief executive of North American convenience-store unit 7-Eleven Inc., a spokesman said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
March 09, 2025 23:29 ET (03:29 GMT)
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