Couche-Tard Withdraws Acquisition Bid For Seven & I Citing Lack Of Engagement

(RTTNews) - Alimentation Couche-Tard (ATD.TO) announced the withdrawal of its proposal to acquire Seven & i Holdings Co., Ltd. (SVNDF.PK, SVNDY.PK), citing a lack of constructive engagement from Seven & i. Despite offering 2,600 Japanese Yen per share in cash—a 47.6% premium to the unaffected stock price—and demonstrating full financing and a path to regulatory approvals, Couche-Tard encountered repeated resistance and limited dialogue, especially from the Ito family.

Couche-Tard entered into a non-disclosure agreement with Seven & i in April 2025, expecting a good-faith effort to explore a potential deal. However, the due diligence process was slow and unproductive, with minimal access to relevant information and critical questions left unanswered. Management meetings in Dallas and Tokyo were tightly scripted and offered little substantive insight. Regulatory concerns were addressed proactively by Couche-Tard through a comprehensive proposal involving divestitures and reverse termination fees, yet Seven & i did not cooperate sufficiently to move the process forward.

Alternative transaction structures were proposed, including acquiring the entire business outside Japan and a minority stake in the Japanese operations, but these too failed to gain traction. Seven & i's counterproposal involving equity ownership in Couche-Tard was deemed unsatisfactory and unlikely to deliver equivalent shareholder value.

As a result, Couche-Tard has officially withdrawn its offer but remains focused on its growth strategy and continued success as a leading global convenience retailer.