Shares of Seven & i fall after report to reject Couche-Tard bid

TOKYO (Reuters) - 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.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.Should you invest $1,000 in 3382 right now?

Don't miss out on the next big opportunity! Stay ahead of the curve with ProPicks AI – 6 model portfolios powered by AI stock picks with a stellar performance in 2024.

Unlock ProPicks to find out