The founding family of the Japanese parent company of 7-Eleven did not succeed in securing the money to buy it out, the company said on Thursday months after they have launched an offer worth more than $ 50 billion to ward off a foreign takeover.
Seven & I Holdings, which lies on top of a huge network of 85,000 convenience stores, mainly in Asia and the United States, said in a statement that the alternatives would assess, including the proposal from Canada's Canadian bomb that the founder had rejected.
Junro Ito, a director of Seven & I and the son of the founder, and Ito-Kogyo, the Asset Management Company of the family, had started their buyout attempt in November, after Couche-Tard had launched his unsolicited takeover attempt.
Couche-Tard, who runs more than 16,000 Couche-Tard and Circle K-stores in North America and Europe, made a first offer worth $ 38 billion in August, that seven & I defended in September and said it “brutally undervalued” the company. Couche-Tard returned the following month with an $ 47 billion offer.
If Couch-Tard succeeds, the deal would probably be the largest take over from a Japanese company through abroad.
The shares of Seven & I fell by 11 percent on Thursday.
The struggle for the control of 7-Eleven reflects the major changes that are underway in the company in operation, where the supermarket chain is considered a national treasure, making every take-over take over a long shot.
Japan has long been considered impenetrable for foreign companies that are looking for mergers and acquisitions, and analysts have wondered whether Couche-Tard 7-Eleven can run better than seven & i.
Civil servants in Japan have already pushed Japanese companies for more than a decade to take steps – such as giving the correct consideration to takeover areas – to show that they are open to movements that would financially benefit the shareholders. The aim was to leave the era of Fort -like companies that could reject foreign acquisitions without deliberation.
Seven & I said that the proposed buy-out of Couche-Tard in the United States in the United States would be activated, where they are the two largest operators of convenience shops.
In his statement on Thursday, the Japanese company said that it collaborated with Couche-Tard to determine whether a proposal that this regulatory issue was possible was possible.
