Alimentation Couche-Tard has dropped its acquisition proposal for Seven & i Holdings Co. after facing frustrations in ongoing negotiations. The Canadian retail chain had offered 2,600 yen per share, a 47.6% premium to the stock price. Couche-Tard expressed exasperation over the lack of engagement and transparency from Seven & i during discussions. The company highlighted issues such as missing critical information and no-shows at meetings. Seven & i acknowledged the retraction of the offer and maintained that their negotiations were conducted in good faith.
"Couche-Tard expressed exasperation at the response it was getting from Seven & i despite repeated attempts at dialogue. "You have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7 & i and its shareholders.""
"Couche-Tard had made a good offer earlier this year in a proposal of 2,600 yen ($17.50) per ordinary share in cash, which it said represented a 47.6% premium to the stock price."
"Despite its efforts, Couche-Tard faced frustrations such as lacking key information and missed meetings, resulting in their decision to withdraw the proposal."
"Seven & i acknowledged the dropped offer and said it considered talks "in good faith and constructively," expressing commitment to their standalone value creation plan."
Read at Fortune Asia
Unable to calculate read time
Collection
[
|
...
]