Alimentation Couche-Tard has dropped its acquisition proposal for Seven & i Holdings Co. after facing frustrations in ongoing negotiations. The Canadian retail chain had offered 2,600 yen per share, a 47.6% premium to the stock price. Couche-Tard expressed exasperation over the lack of engagement and transparency from Seven & i during discussions. The company highlighted issues such as missing critical information and no-shows at meetings. Seven & i acknowledged the retraction of the offer and maintained that their negotiations were conducted in good faith.
Couche-Tard expressed exasperation at the response it was getting from Seven & i despite repeated attempts at dialogue. "You have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7 & i and its shareholders."
Couche-Tard had made a good offer earlier this year in a proposal of 2,600 yen ($17.50) per ordinary share in cash, which it said represented a 47.6% premium to the stock price.
Despite its efforts, Couche-Tard faced frustrations such as lacking key information and missed meetings, resulting in their decision to withdraw the proposal.
Seven & i acknowledged the dropped offer and said it considered talks "in good faith and constructively," expressing commitment to their standalone value creation plan.
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