Couche-Tard pulls $47 billion bid for Japan's 7 & i
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In the wake of the offer being withdrawn Wednesday, analysts expect a likely first move by Couche-Tard is a resumption of its share buyback program.
Alimentation Couche-Tard Inc. announced late Wednesday that it has withdrawn its proposal to acquire Seven & i Holdings Co. Ltd., parent of the 7-Eleven convenience-store chain, “due to a lack of constructive engagement” by Seven & i.
Canadian retail chain Alimentation Couche-Tard is dropping its proposal to acquire Seven & i Holdings Co., the Japanese operator of the 7-Eleven convenience store chain, citing frustration in ongoing negotiations that showed what it called “a lack of constructive engagement.
After a year of negotiations, the deal between Alimentation Couche-Tard and the Japanese owner of the 7-Eleven convenience store chain is no more.
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Alimentation Couche Tard Inc. closed 19.4% short of its 52-week high of C$85.53, which the company reached on July 31st.