Alimentation Couche-Tard Inc. says it has signed a non-disclosure agreement with Seven & i Holdings Co. Ltd. amid its pursuit to acquire the Japanese parent company of 7-Eleven.
The Quebec-based company, which operates Circle K stores, says the non-disclosure agreement is meant to “progress transaction discussions, facilitate due diligence, and collaborate on plans to engage with regulators.”
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It cautions that it cannot assure discussions between the two companies will result in 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 an offer 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 would not enter into a transaction without a 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.
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Couche-Tard president and CEO Alex Miller says in a statement that he appreciates Seven & i “engaging in substantive discussions regarding our proposal and providing access to diligence,” adding he looks forward to working collaboratively “in the interests of all stakeholders.”
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