The Quebec-based firm, which operates Circle Okay shops, continues to imagine there may be “a novel strategic match” to be realized by a merger with Seven & i Holdings, Couche-Tard CEO Alex Miller mentioned Wednesday.
Miller’s feedback got here after Seven & i publicized a letter final week that it despatched to Couche-Tard’s management in September explaining why it was rejecting the Canadian firm’s supply.
The letter by Stephen Dacus, who was chair of the Japanese firm on the time and has since turn into chief govt, had mentioned Couche-Tard’s proposal was “not in the perfect curiosity of Seven & i shareholders and different stakeholders.” The corporate additionally mentioned it intends to spice up its personal company worth and has raised antitrust considerations within the U.S.
“We’re open to partaking in honest discussions do you have to put forth a proposal that absolutely acknowledges our stand-alone intrinsic worth,” Dacus wrote.
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Couche-Tard undeterred in pursuit to purchase Seven & i
Talking to analysts throughout a convention name to debate Couche-Tard’s third-quarter outcomes, Miller mentioned Wednesday that his firm is undeterred.
“Now we have reiterated a number of occasions over the previous few months that we intend to be pleasant and chronic in pursuing a transaction which we imagine is in the perfect curiosity of all stakeholders,” he mentioned.
“Now we have achieved that within the face of serious frustration and distraction. We look ahead to fulsome engagement with Seven & i, in order that we are able to attain definitive phrases and transfer ahead.”
In October, Seven & i mentioned it obtained a revised non-binding proposal from Couche-Tard that media reviews steered have been valued at US$47 billion, about 22% greater than a proposal it made in August.