Canada’s Alimentation Couche-Tard said on Friday its top executives will visit Tokyo to speak with media about its $47-billion bid to buy 7-Eleven convenience store operator Seven & i Holdings.
Founder Alain Bouchard, CEO Alex Miller and CFO Filipe Da Silva will hold a media briefing from 0200 GMT on March 13.
Couche-Tard, which operates Circle-K convenience stores, said earlier it is in exploratory talks with third parties about a potential sale of U.S. stores to help it gain regulatory approval should it reach a deal to take over Seven & i.
The Canadian company said it has identified a portfolio of U.S. stores and is in talks to “identify possible acquirers”.
“We believe there is a clear path to obtaining regulatory approvals of a transaction with 7&i and have made a robust proposal to 7&i about our commitment to doing so,” a Couche-Tard spokesperson said.
Seven & i has opposed the takeover bid and said U.S. antitrust law would be a barrier to any deal.
The companies are the top two players in the U.S. convenience store market, with about 20,000 locations between them.
Seven & i on Thursday appointed its first foreign CEO, Stephen Dacus, handing him the task of overhauling its business to fend off the bid.
Dacus said he spoke with Couche-Tard on Thursday and that talks would continue though significant regulatory hurdles stood in the way of any merger, particularly in the United States.
Reuters
