Askume, Oct 9 – Seven & i Holdings surged more than 10% on Wednesday, after Bloomberg News reported that shares(3382.T) rose after Alimentation Couche-Tard (ACT) (ATD.TO) withdrew its takeover bid.
The new bid of $18.19 a share is 20% higher than the offer ACT made to the Japanese company last month, Bloomberg reported, citing people familiar with the matter.
Seven and I said they could not comment because they were determining the facts of the report. ACT Canada could not immediately be reached for comment.
Shares in the Japanese company gave up gains and were up 4.7% at 2,335 yen ($15.76) by 0130 GMT.
If the deal goes through, it would be the largest ever overseas acquisition by a Japanese company.
The operator of the 7-Eleven convenience store chain rejected the initial offer last month, saying it “significantly undervalued” its business.
Seven&I reports quarterly earnings on Thursday, as analysts and investors await news on its plans to boost enterprise value.
Sources told Askume last week that the company was considering selling a stake in its supermarket unit , and Bloomberg reported it was considering selling part of its stake in Seven Bank (8410.T).
Over the years, Seven&I has been under pressure from foreign investors such as ValueAct Capital and Artisan Partners to improve its asset allocation.
(1 USD = 148.1300 yen)
