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International Business Times
International Business Times
Business
Tomohiro OSAKI

7-Eleven Owner Rejects Initial Takeover Bid From Canadian Rival

Seven i 7Eleven Seven I Holdings Japan Act Alimentation CoucheTard Circle K
The purchase of Seven & i Holdings would be the biggest ever foreign takeover of a Japanese firm (Credit: AFP)

The Japanese owner of 7-Eleven said Friday it had rejected a takeover bid from Canadian retail giant Alimentation Couche-Tard, saying the proposal "grossly undervalues" the company.

The proposed purchase of Seven & i Holdings would be the biggest ever foreign takeover of a Japanese firm and combine 7-Eleven, Circle K and other brands across Asia, North America and Europe.

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