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(Reuters) – Alimentation Couche-Tard CEO Alex Miller said on Tuesday the Canadian retailer would remain persistent in its efforts to pursue a deal with Japan’s Seven & i and continue a “friendly approach” with the 7-Eleven operator.
Couche-Tard had first approached Seven & i in August for the largest-ever foreign buyout of a Japanese company. It had offered $38.5 billion, but raised it to $47 billion after Seven & i rejected the initial bid.
Miller’s remarks echo Couche-Tard’s chairman and co-founder Alain Bouchard’s comments about not considering a hostile takeover bid for Seven & i from an interview with Japanese media conducted in Canada last week.
“We continue to see a strong opportunity to grow together … We also remain confident in our ability to finance and complete this combination,” Miller said on a post-earnings call.
The Japanese company, which is reviewing the latest offer from Couche-Tard, had earlier said the deal was not in the best interest of shareholders and also raised concerns about potential antitrust challenges in the United States.
Earlier this month, Seven & i also received a potential $58 billion white-knight bid from a member of its founding Ito family.
The offer from Ito-Kogyo, a company linked to Vice President Junro Ito and a top shareholder in Seven & i, was being reviewed by the same special committee set up to assess Couche-Tard’s takeover bid.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)