7-Eleven rejects $39B Circle K offer
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 6 September 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Episode transcripts seekingalpha.com/wsb.
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Friday, September 6th. I'm Julie Morgan. |
| 0:13.0 | 7 and I says $39 billion is just not enough. |
| 0:17.0 | Intel is working on a cost cutting plan |
| 0:19.5 | and Toyota is adjusting its EV strategy. |
| 0:23.0 | 7&I, the Japanese owner of 711 stores, has rejected a $39 billion takeover offer. |
| 0:30.0 | The Canadian firm which operates Circle K convenience stores offered to acquire 7&I for $14.86 |
| 0:38.4 | per share in cash in a deal that would have made it the largest ever Japanese target of a foreign buyout. |
| 0:45.3 | According to a filing with the Tokyo stock exchange after a review, the 7 and I board |
| 0:50.4 | unanimously concluded that the proposal is not in the best interest of |
| 0:54.8 | shareholders. Seven and I said the offer grossly undervalues its standalone |
| 0:59.8 | path and does not adequately acknowledge the challenges the deal would face from US competition law enforcement agencies. |
| 1:08.0 | Intel is apparently considering selling more of its stake in Mobile Eye Global, |
| 1:13.4 | according to a report by Bloomberg. |
| 1:15.8 | Intel owns an 88% stake in Mobile Eye, |
| 1:18.9 | which provides software for self-driving vehicles. |
| 1:22.3 | The report said Intel might sell some of the shares via the public market or to a third party, |
| 1:28.0 | according to people familiar with the situation. |
| 1:30.0 | Intel sold more than $1. billion dollars in mobilize shares last summer. |
| 1:35.6 | However, mobilize shares were trading for around $40 at that time. |
| 1:40.0 | The value of mobilize shares have dropped 71% year to date to less than 13 bucks a share. |
| 1:46.6 | The report is the latest to surface of the various ways Intel is looking to raise funds and or cut costs after reporting a net loss of 1.6 billion |
... |
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