Almost one year after it began its pursuit of 7-Eleven's parent company, Alimentation Couche-Tard Inc. announced Wednesday that it was withdrawing from negotiations due to an alleged lack of engagement from its acquisition target.
The Laval, Que.-based business behind Circle K and Ingo has not had an easy time pursuing the acquisition of Japan-headquartered Seven & i Holdings Co. Ltd.
Here's a timeline of some of the twists and turns it's encountered.
Aug. 19, 2024: Seven & i reveals it received an offer from Couche-Tard to acquire all outstanding shares. Couche-Tard did not disclose terms of the proposal presented to Seven & i but described the offer as "friendly, non-binding."
Sept. 6, 2024: Seven & i says its board of directors has unanimously concluded that Couche-Tard's offer of US$14.86 per share in cash was not in its shareholders' best interests because it is "opportunistically timed and grossly undervalues" the business.
Sept. 8, 2024: Couche-Tard says it is "disappointed" Seven & i rejected its initial takeover offer but remains focused on reaching a deal.
Sept. 9, 2024: Seven & i says it's still open to talks if Couche-Tard puts forth a proposal that "fully recognizes Seven & i’s stand-alone intrinsic value" and addresses its regulatory concerns.
Oct. 9, 2024: Seven & i says it has received a revised confidential, private and non-binding proposal from Couche-Tard. Media reports suggest the new bid values Seven & i at US$47 billion, about 22 per cent higher than an offer of $38.6 billion Couche-Tard made in August.
Nov. 13, 2024: Seven & i says a member of the family that helped found the company has put forward a new management buyout proposal. The proposal is from Junro Ito, who is a vice-president and director of the company, and Ito-Kogyo Co. Ltd., a private company affiliated with him. Terms of the non-binding offer by Ito are not disclosed.
Jan. 24, 2025: Couche-Tard submits a revised, yen-based, non-binding proposal to fulfill a request from Seven & i seeking proof of the Quebec company's continued interest in a deal.
Feb. 27, 2025: Seven & i says it's in talks with Couche-Tard after Ito and Ito-Koogyo Co. are unable to secure financing for their proposal.
March 6, 2025: Seven & i announces a new plan to sell billions of its non-convenience store assets to Bain Capital and launch an initial public offering of its North American 7-Eleven business.
March 7, 2025: Couche-Tard says Seven & i has agreed to collaborate on assembling a portfolio of stores the companies could divest to appease regulators.
March 9, 2025: Seven & i confirms that both sides are working together to map out potential buyers for convenience stores that could be sold to satisfy U.S. antitrust regulators.
Seven & i says Couche-Tard wanted the two sides to sign an acquisition agreement and then spin out overlapping stores or try to find a divestiture buyer, but the 7-Eleven owner felt that approach would have come with too high a chance of the deal not closing and kept it in limbo for years.
March 10, 2025: Couche-Tard says it's "disappointed" with the “very limited” engagement it alleges it’s received from Seven & i.
The Quebec company counters Seven & i's arguments that it would be difficult to satisfy U.S. regulators’ competition concerns, saying there is a clear path to getting approvals in the country, which it outlined in a detailed proposal in December.
May 1, 2025: Couche-Tard Inc. says it has signed a non-disclosure agreement with Seven & i to "progress transaction discussions, facilitate due diligence, and collaborate on plans to engage with regulators."
June 25, 2025: Couche-Tard Inc. executives say the recent process they've adopted to try to buy Seven & i has helped negotiations and perhaps even sped things up.
July 16, 2025: Couche-Tard Inc. says it is withdrawing from its acquisition proposal due to a lack of engagement from Seven & i.
This report by The Canadian Press was first published July 16, 2025.
The Canadian Press
