A retail titan from Canada offers £29.7 billion for 7-Eleven
"The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders," ACT said.
A Canadian convenience store giant has made a surprise £29.7bn bid for its Japanese rival 7-Eleven in what could be the country's biggest-ever foreign takeover.
Circle K owner Alimentation Couche-Tard's (ACT) made the approach for the chain - a staple across Asia and North America - on Monday. ACT's footprint in the US and Canada would more than double to more than 20,000 sites if the deal goes ahead.
The news comes after the Japanese stock market was rocked by record swings earlier this month.
The offer, at about 5.6tn yen (£29.7bn), valued 7-Eleven at more than a fifth of its original price on the Japanese stock market.
ACT said it had "submitted a friendly, non-binding proposal" to buy the retail chain but that there was no guarantee the deal would go ahead.
"The company is focused on reaching a mutually agreeable transaction that benefits both companies’ customers, employees, franchisees and shareholders," ACT said.
Meanwhile, Tokyo-based Seven & i Holdings, which owns 7-Eleven, said it has formed a special committee to decide whether or not to accept the offer.
It said it had "received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares".
"[The] Special Committee intends to conduct a prompt, careful and comprehensive review of the proposal," it added.
If a deal is agreed it could face challenges from competition watchdogs in North America as 7-Eleven runs more than 13,000 stores in the US and Canada, while Couche-Tard has over 9,000.
In recent years, activist investors have pressured Seven & i to sell some of its assets to focus the company on the 7-Eleven brand and its global convenience store business.
The takeover offer also comes after the Japanese stock market had a record slump and then a record spike following the central's bank's decision to raise borrowing costs.
7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito. Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire.
Today, 7-Eleven has 85,000 outlets worldwide in 20 countries and territories and has a large footprint in Asia.
Quebec-based ACT is listed on the Toronto Stock Exchange and runs around 17,000 shops in more than 30 countries and territories across North America Europe and Asia under the Circle K and Couche-Tard brands.
It has a stock market valuation of about 80bn Canadian dollars ($58.2bn; £45bn).
