7-Eleven owner rejects Canadian takeover
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 6 September 2024
⏱️ 8 minutes
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Summary
From the BBC World Service: It’s the world’s largest convenience chain, with 85,000 stores — and Seven & i Holdings said the $40 billion takeover bid for 7-Eleven from rival Alimentation Couche-Tard “grossly undervalues” the business. We’ll hear the latest on why the deal seems to be falling apart. Also on this morning’s show: How do you put a value on Banksy’s street art to local neighborhoods?
Transcript
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| 0:00.0 | The owner of 7-Eleven has passed on that takeover bid. |
| 0:04.8 | Hello, this is the Marketplace Morning Report and we are live from the BBC World Service. |
| 0:09.3 | I'm Leanna Byrne. |
| 0:10.3 | Good morning. |
| 0:11.3 | Yeah, you heard that right, the company that owns 711 7 and I Holdings has rejected |
| 0:15.7 | a 40 billion dollar takeover bid from Canada's Alimentacian Cousteau. The BBC's Mariko I is across this one. Hi there. |
| 0:24.0 | Hello. So Mariko, why has 7-11 said no to this deal? |
| 0:28.0 | Well, their letter that they sent to Canada's ACT |
| 0:32.0 | basically said that it undervalues the company. |
| 0:35.2 | Remember, we didn't know how much the offer was, but this letter disclosed that, |
| 0:39.6 | 14.86 US dollars per share. |
| 0:43.4 | So that was about a 20% premium when the offer was made, but 7 and I's shares have actually risen |
| 0:49.0 | since, so it's actually now trading higher than that offer value. The company also interestingly called the offer |
| 0:56.4 | opportunistically timed and I assume they're implying the fact that you know they're taking |
| 1:01.7 | advantage of the weakness of the Japanese |
| 1:03.5 | currency the yen which of course makes seven and I or any other Japanese |
| 1:07.6 | companies more affordable for foreign buyers. The company has said that they will |
| 1:12.4 | be happy to negotiate further, but it did also say that even if the offer was increased significantly, a takeover might face some challenges because of competition regulations and so on in the US. |
| 1:24.4 | And Mariko have we heard from ACT and do we know if they might up the offer again? |
| 1:28.9 | No, we have got in touch with them. |
| 1:30.5 | They haven't heard back from ACTT at this point, but you know reading |
| 1:34.6 | between the lines of this letter it kind of sounds like seven and I is |
... |
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