By Adriano Marchese

Alimentation Couche-Tard will continue to pursue its acquisition of 7-Eleven, after members of the founding family of the company behind the chain failed to secure financing for a deal.

A Couche-Tard spokesperson said Thursday that the company is looking forward to working constructively with Seven & i to reach a friendly agreement.

"Couche-Tard remains committed to reaching a mutually agreeable transaction that benefits both companies' customers, employees, franchisees and shareholders, creating a global retail champion," a spokesperson said in a statement.

The comments came after Seven & i said there was no actionable proposal from the founding family to consider since the family has been unable to get financing. A son of the founder of the chain was looking to put together a bid that would have staved off a takeover attempt by Couche-Tard.

Couche-Tard has offered $47 billion for Seven & i, a deal that would add 7-Eleven's 84,000 stores to Couche-Tard's 17,000 store footprint across the world, of which 13,000 are located in the U.S.

Seven & I said Thursday that a potential takeover by the Canadian company would likely face serious U.S. antitrust challenges. Seven & i said a special committee is engaging with Couche-Tard to determine if a proposal that addresses the antitrust issues can be made.

Bobby Griffin, an analyst at Raymond James, said that the latest developments mean that Seven & i only has one offer on the table and needs to determine whether it is better to grow the business on its own or accept a takeover from a foreign buyer.

"Couche-Tard is still very interested in the business, they like to do M & A and this is a big deal that I think they really want," Griffin said. "And the management buyout is not on the table anymore. So it's the only offer out there."

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 27, 2025 13:37 ET (18:37 GMT)

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