By Kosaku Narioka

Alimentation Couche-Tard sees considerable uncertainty around whether Seven & i's latest business plan can deliver value to shareholders, saying that its own takeover proposal for the 7-Eleven owner presents clear economic value.

The Canadian owner of Circle K said Tuesday that it submitted a revised, yen-denominated, non-binding proposal on Jan. 24 at Seven & I's request to confirm its continued interest in the Japanese company.

Seven & i on Thursday said it would split its North American convenience stores into a separate listed company by the second half of next year, stating that U.S. stores would be better off with more independence. The Japanese company also said it would buy back up to $13 billion in its own shares by fiscal 2030.

The 7-Eleven parent also named its first American chief executive, former Walmart executive Stephen Hayes Dacus. Thursday's moves included a $5.4 billion deal in which U.S. private-equity firm Bain Capital would take over superstores and other businesses owned by the 7-Eleven parent, allowing the company to focus on its core convenience-store business.

Couche-Tard said Tuesday that it had reiterated several times over the past few months that it intended to be friendly and persistent in pursuing an acquisition. "We have done that in the face of significant frustration and distraction," it said.

The company said it had no concerns with its ability to fully finance the takeover.

The 7-Eleven owner said Monday that financial advisers to the company and Couche-Tard are searching for potential buyers for some stores to mitigate U.S. antitrust risk related to a potential takeover by Couche-Tard, prior to signing an agreement.

The 7-Eleven owner in September rejected an initial $39 billion buyout bid from Couche-Tard, saying the proposal underestimated the company's value. Couche-Tard later raised its offer to about $47 billion.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

March 10, 2025 21:03 ET (01:03 GMT)

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