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Benzinga
Benzinga
Business
Kaustubh Bagalkote

Seven & i Crashes 9% After Couche-Tard Yanks $47 Billion Takeover Bid, Slams 'Lack of Good Faith' Talks — Tokyo Retail Giant Calls Move 'Unilateral'

Tokyo Seven i Seven I Holdings CoucheTard Japanese Yen
Stock,Market,Crash,And,Panic,,Financial,Losses,,Economic,Recession,Concept.

Seven & i Holdings (OTC:SVNDY) shares tumbled 9% on Thursday on the Tokyo exchange to a low of 2,000 Japanese Yen ($13.50) after Canada’s Alimentation Couche-Tard (OTC:ANCTF) withdrew its $47 billion takeover bid, citing “persistent lack of good faith engagement.” Trading resumed at 10:16 a.m. local time following a halt.

Couche-Tard pulled its enhanced $18.19 per share offer, valuing the 7-Eleven operator at 7 trillion yen. The Canadian retailer had raised its bid 22% from August’s initial $14.86 proposal, which Seven & i rejected as undervalued.

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