Alimentation Couche-Tard Inc. has announced that it has entered into a non-disclosure agreement with Seven & i Holdings Co. Ltd. as it aims to acquire the Japanese parent company of 7-Eleven.
The Quebec-based firm, which operates Circle K stores, stated that the agreement serves to “advance transaction discussions, enable due diligence, and coordinate with regulators.”
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However, it warns that there are no guarantees that talks between the two companies will lead to a deal.
Last fall, Seven & i revealed that it had received an updated non-binding offer from Couche-Tard, rumored to be worth US$47 billion, which is approximately 22 percent more than an earlier bid made in August.
Nonetheless, Seven & i stated in March that Couche-Tard was downplaying the antitrust concerns associated with the acquisition proposal and would only move forward if there was a clear path to completion, despite Couche-Tard asserting its strong history of gaining regulatory approvals in the U.S. and elsewhere.
Alex Miller, the president and CEO of Couche-Tard, expressed gratitude in a statement for Seven & i’s willingness to engage in meaningful discussions regarding their proposal and said he looks forward to collaborating “for the benefit of all stakeholders.”
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