7-Eleven takeover moves closer amid talks over fate of stores

STORY: 7-Eleven could beryllium getting person to a takeover.

Japanese proprietor Seven & one said Monday it has begun talks with Canada’s Alimentation Couche-Tard implicit a store merchantability plan.

That whitethorn acceptable the signifier for a $47 cardinal takeover by the Circle-K operator.

Seven & one has antecedently said that U.S. antitrust instrumentality would beryllium a obstruction to immoderate agreement, arsenic the 2 companies combined would predominate the convenience store marketplace there.

They would person astir 20,000 outlets successful the United States.

In a missive to shareholders, Seven & one projected examining however divesting stores could code that, and what buyers mightiness beryllium interested.

Last week, Couche-Tard said it had already begun talks with 3rd parties astir specified a sale.

It says it has identified a portfolio of U.S. stores that could beryllium offloaded.

Last week besides saw Seven & I sanction extracurricular manager Stephen Dacus arsenic its caller CEO - the archetypal foreigner to clasp that station astatine the Japanese firm.

He’s been tasked with starring its betterment and responding to the takeover offer.

At a quality league connected Friday, helium said investors needed a speedy decision:

“What I bash not deliberation our shareholders would privation is for america to walk two-plus years successful limbo conscionable for that to beryllium rejected by the U.S. courts. That would not assistance shareholder value. That would not assistance shareholder value. It would not assistance our business. It perfectly would not adhd to our company's value.”

U.S. capitalist Artisan Partners - which holds a large involvement successful the Japanese steadfast - connected Sunday urged Seven & I to look again astatine the Couche-Tard offer.

This week, executives from the Canadian steadfast are expected to sojourn Tokyo to speech to the media astir their bid.