Buyout Offer Too Low, Seven & i to Tell Canadian Firm

Tokyo, Sept. 5 (Jiji Press)--Seven & i Holdings Co. plans to send a letter to Canada's Alimentation Couche-Tard Inc., which has offered to acquire the Japanese retail giant, to say that its proposed buyout price is too low, it was learned Thursday.

Seven & i plans to send the letter to the Canadian convenience store operator as early as Friday.

The Japanese company announced on Aug. 19 that it had received the acquisition offer. It set up a special committee of independent outside board members to review the proposal.

Based on the committee's findings, Seven & i determined at a board meeting Thursday that the proposed acquisition price is not commensurate with the company's corporate value and decided to send a letter urging Alimentation Couche-Tard to reconsider its offer.

According to Seven & i, the Canadian company offered to acquire a full stake. Although the proposed purchase price has not been disclosed, Seven & i's market capitalization as of Thursday stood at 5.6 trillion yen.

[Copyright The Jiji Press, Ltd.]