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Investing.com-- Seven & i Holdings Co., Ltd. (TYO:3382) is set to reject a $47 billion offer from Canada’s Alimentation Couche Tard Inc (TSX:ATD), Japan’s Yomiuri newspaper reported on Tuesday, and will seek to increase corporate value on its own.
The deal may also face anti-trust issues in the U.S., the Yomiuri report said.
The Yomiuri report also said that director Stephen Dacus was preparing to take over as Seven & i’s President from Ryuichi Isaka, following a slew of reports on the management change this week.
Seven & i’s potential rejection of the Couche Tard offer comes just days after a $58 billion bid to take the company private, led by its founding Ito family, fell through due to a lack of funding.
The retail giant, which owns the wildly popular 7-Eleven convenience store chain, signaled that it will consider Couche Tard’s offer after earlier rejecting the bid.
Seven & i will now seek to unlock corporate value on its own, the Yomiuri report said, although it was unclear just what this will entail.