Japan’s Seven & I has received a takeover offer from Alimentation Couche-Tard for its 7-Eleven business, the world’s largest convenience store chain, while also announcing it has acquired a U.S. chain of convenience stores, GetGo from supermarket retailer Giant Eagle with the deal set to close in 2025.
Seven & i says in a news report that Couche-Tard has proposed buying all outstanding shares of the company. The value of the offer has not been disclosed but the proposal highlights growing investor interest in Japanese assets, which has propelled Japan’s stock market to recent record highs.
The Get-Go convenience chain operates 270 convenience retail and fueling locations across several U.S. states. The chain offers a variety of open retail models, including open-concept stores and stand-alone kioks and feature an extensive menu of made-to-order foods. As part of the transaction, Couche-Tard and Giant Eagle have agreed to maintain and partner together on Giant Eagle’s myPerks loyalty program.
With the proposed acquisition of 7-Eleven, Seven & I said in Reuters story it has formed a special committee to review the proposal, it said in a statement, adding no decision has been made by either the committee or its board of directors. The announcement followed a report on the bid by the Nikkei newspaper.
Alimentation Couche-Tard did not immediately respond to a request for comment outside of usual working hours. The talks are “at a very early stage”, said one of the sources, according the Reuters story.
In the Nikkei newpaper report about the potential acquisition, it said Couche-Tard approached Seven & I about a potential acquisition back in 2020, but was rebuffed. Monday’s news comes following a change in guidelines last year regarding corporate takeovers, bringing Japan more in line with global practice and making it harder for companies to resist or ignore sincere offers.
If the board rejects the offer, Couche-Tard is clear to launch a hostile takeover bid, Nikkei said.
