Japan’s Seven & i Holdings on Monday said that a special committee made up of outside directors has been formed to review the bid.
The owner of 7-Eleven convenience stores and other retail chains has received a buyout offer from Canada’s Alimentation Couche-Tard. Japan's Seven & i Holdings on Monday said that a special committee made up of outside directors has been formed to review the bid, but released no other details. Shares of Seven & i jumped 23% in Tokyo, the largest single-day jump for the stock in the company's history. “This potential takeover bid is a huge deal.
Seven & i said that its board, as well as the special committee, has not made any decision yet as to accepting or rejecting the offer, entering into talks with Couche-Tard or pursuing alternative options. The company will make its decision public, it said Monday. Couche-Tard runs a number of convenience store chains under brand names such asCouche-Tard, Circle K, and On the Run.
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