Couche-Tard pulls $47 billion bid for Japan's 7 & i
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Canada’s Alimentation Couche-Tard has withdrawn its record-breaking $50bn proposal to acquire Japan’s Seven & i Holdings, bringing an end to its year-long campaign to pull the 7-Eleven owner to the negotiating table on friendly terms.
The Canadian Press on MSN47m
Couche-Tard shares jump more than 10% after walking away from 7-Eleven offerShares of Alimentation Couche-Tard Inc. gained more than 10 per cent in early trading after walking away from its proposal to buy the Japanese parent company of 7-Eleven.
Canadian convenience store giant Alimentation Couche-Tard (ACT), which has been trying to engineer a purchase of 7-11 parent company Seven & i Holdings (7&i) for nearly a year, has ended its quest to create a multinational c-store behemoth.
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Alimentation Couche Tard Inc. closed 19.4% short of its 52-week high of C$85.53, which the company reached on July 31st.