LAVAL, Que. — Alimentation Couche-Tard Inc. says it is “disappointed” in a refusal of its takeover offer by the Japanese owner of 7-Eleven and remains focused on reaching a deal.

The Quebec-based convenience store operator argues its proposal offers clear strategic and financial benefits and it believes the two companies can reach a mutually agreeable transaction.

On Friday, Seven & i said Couche-Tard’s takeover offer “grossly undervalues” the Japanese company, and said the proposal was not in the best interest of its shareholders and other stakeholders.

Seven & i had called the offer of US$14.86 per share in cash opportunistically timed and raised concerns about regulatory approval for the deal.

Couche-Tard says it’s confident further discussions would lead to the ability to find increased values for Seven & i shareholders, and the Quebec company has offered to enter a non-disclosure agreement to enable both sides to share further information, which was rejected.

Couche-Tard says it remains focused on reaching a deal with Seven & i that is in the best interests of all parties.

This report by The Canadian Press was first published Sept. 8, 2024.

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The Canadian Press