Seven & i Holdings, based in Tokyo, reports that a special committee has been established to determine whether or not to accept the offer.
On the news, Seven & I’s shares surged by over 20%.
As a result, the Japanese company was valued at about 5.6 trillion yen on the stock exchange ($38.5 billion; £29.7 billion).
Seven & I said that it has “received a confidential, non-binding and preliminary proposal by ACT to acquire all [of its] outstanding shares” in a statement.
“[The] Special Committee intends to conduct a prompt, careful and comprehensive review of the proposal,” it stated.
Given that Couche-Tard has over 9,000 outlets in the US and Canada and 7-Eleven controls over 13,000, competition watchdogs in North America may contest any agreement that is reached.
Actor investors have put pressure on Seven & I in recent years to sell off a portion of its holdings in order to concentrate on the Seven-Eleven brand and its international convenience store operation.
Retail tycoon Masatoshi Ito brought 7-Eleven to Japan for the first time in 1974 from the US.
Ito is recognized for having built the convenience store chain into a multinational conglomerate. He passed away in 2023, at the age of 98.
