While the offer acknowledged the significant role Seven & i plays in Japan’s daily life, spanning food retail, banking, and other services, Dacus stated that more discussions would be necessary if negotiations progressed.
Potential for Future Discussions
Despite rejecting the initial offer, Dacus left the door open for Couche-Tard to return with a revised proposal. He encouraged the Canadian firm to submit an offer that fully recognized the company’s standalone value and adequately addressed regulatory concerns.
The bid, he noted, was “opportunistically timed and grossly undervalues” Seven & i’s assets and future growth potential. He also underscored the importance of ensuring any new offer provides certainty regarding regulatory approvals in the U.S. and other jurisdictions.
Next Steps
Seven & i had previously acknowledged the buyout proposal in an August 15 letter to Couche-Tard, shortly before publicly disclosing the offer. As of Friday, Couche-Tard had not responded to the rejection.
