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Investing.com -- Shares of Seven & i Holdings Co., Ltd. (TSE:TYO:3382) tumbled 6.9% as the market reacted to a media report regarding the company’s potential rejection of a buyout offer from Canadian convenience store operator Alimentation Couche-Tard Inc.
Despite a statement from Seven & i Holdings denying the report and confirming ongoing discussions with Couche-Tard, investors showed concern, leading to a notable decline in the company’s stock value.
The Tokyo-based retail giant clarified that it is still considering all strategic options, including the proposal from Couche-Tard.
The Yomiuri newspaper had earlier reported that Seven & i Holdings was set to turn down the acquisition offer, causing initial confusion and market response. The company’s efforts to address the rumors and affirm constructive discussions did little to assuage investor apprehension.
In light of these developments, an analyst from Jefferies commented on the situation, stating, "we think such news would not have come as a surprise given the change in 7&i’s CEO to Stephen Hayes Dacus as reported in the Nikkei yesterday, the scrapped MBO deal and the letter sent to ATD back in September last year."
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