Japan’s Seven & i Holdings confirmed the new strategy but provided no further information.
The company was valued at around $47 billion (£36 billion) in the revised offer, which is about 20% more than it was previously valued at, according to a report from News.
Couche-Tard made a $38 billion offer, which Seven & I turned down in September, claiming it significantly undervalued the company and that any possible acquisition would encounter significant regulatory obstacles.
Seven & I shares began the day higher by 9.5% and closed the day 4.7% higher in Tokyo.
According to reports, Seven & I received the revised offer on September 19; nevertheless, no conversations have taken place between the two parties.
Seven and I stated that we “will continue to act in the best interest of its shareholders and other stakeholders.”
Following the prior offer’s rejection, Japan’s Finance Ministry added Seven & I to a list of companies deemed “core” to the nation’s security.
The decision, which is broadly thought to have minimal impact on Couche-Tard’s purchase bid, mandates prospective foreign investors in such Japanese enterprises to obtain a government approval.
No foreign corporation has ever acquired a Japanese enterprise the size of Seven & I.
In the past, Japanese corporations had a higher propensity to acquire overseas companies.
The Japanese government released new mergers and acquisitions guidelines last year, urging businesses to accept legitimate takeover proposals without it.
