Seven & i Claims It Is Undervalued in Couche-Tard Offer

Tokyo, Sept. 6 (Jiji Press)--Seven & i Holdings Co. said Friday that it has told Canada's Alimentation Couche-Tard Inc., which has offered to acquire the Japanese retailer, that the proposal significantly undervalues its corporate value.

The proposal to buy all outstanding Seven & i shares for 14.86 dollars apiece "grossly undervalues" its intrinsic value and opportunities to unlock that value, the company said.

Seven & i said in a letter addressed to the Canadian firm that the "proposal does not adequately acknowledge the multiple and significant challenges" in terms of U.S. competitive law.

The Japanese company's board has "unanimously concluded...that the proposal is not in the best interest" of Seven & i shareholders and other stakeholders, it said.

The conclusion was based on a recommendation from a special committee of independent outside directors that Seven & i set up to review the proposal, the company said.

[Copyright The Jiji Press, Ltd.]