Seven & i Holdings at Center of Three-Way Bidding War: Canada's Conquering Takeover

A three-way bidding war is intensifying for Japan-based Seven & i Holdings, the owner of the iconic global chain of 7-Eleven convenience stores, with a potential foreign takeover that would be the largest-ever. The company, whose management, founders, and Canadian convenience store conglomerate Alimentation Couche-Tard are all vying for control, has seen its share price surge nearly 15% over the last 30 days.

According to reports, Alimentation Couche-Tard, which owns Circle K convenience stores with 17,000 locations worldwide, made a first bid this summer suggesting it would purchase Seven & i Holdings if approved. The initial offer of $39 billion was rejected due to its lower valuation but was later increased to $47 billion in October.

However, the proposed deal appears to have been surpassed by Japanese executive Junro Ito's proposal for a management buyout that would take the company private with a staggering $58 billion bid. In an opposing proposal last month, Seven & i Holdings' CEO Ryuichi Isaka announced plans to increase revenue globally by 2030 through restructuring and spinning off non-core businesses.

As each proposal is being reviewed by Seven & i Holdings' special committee to maximize value for its shareholders, the company's stock price has increased significantly. Industry experts speculate that the outcome may impact Japan's business environment and the future of convenience retail.

Founded in 1927 as Southland Ice Company with rebranding as 7-Eleven in 1946, the chain is now a cornerstone of global convenience stores with approximately 85,000 locations worldwide.

This development marks an exciting phase for Seven & i Holdings' history, which was initially acquired by its founder's family and Ito-Yokado Japan in 1973.