Alimentation Couche-Tard Inc. says it has signed a non-disclosure agreement with Seven & i Holdings Co. Ltd. amid its pursuit to amass the Japanese parent company of 7-Eleven.
The Quebec-based company, which operates Circle K stores, says the non-disclosure agreement is supposed to “progress transaction discussions, facilitate due diligence, and collaborate on plans to have interaction with regulators.”
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It cautions that it cannot assure discussions between the 2 corporations will lead to a transaction.
Last fall, Seven & i said it received a revised non-binding proposal from Couche-Tard that media reports suggested was valued at US$47 billion, about 22 per cent higher than a suggestion it made in August.
But Seven & i said in March that Couche-Tard was understating the antitrust risk related to its takeover offer and that it could not enter right into a transaction with no clear path to closing, despite Couche-Tard insisting it has a successful track record of working with U.S. and other regulators to secure transaction approvals.
Couche-Tard president and CEO Alex Miller says in an announcement that he appreciates Seven & i “engaging in substantive discussions regarding our proposal and providing access to diligence,” adding he looks forward to working collaboratively “within the interests of all stakeholders.”
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