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(Bloomberg) — Canada’s Alimentation Couche-Tard Inc. has abandoned its ¥6.77 trillion ($45.8 billion) bid to buy Seven & i Holdings Co., saying the Japanese operator of 7-Eleven convenience stores had refused to engage meaningfully during the almost yearlong pursuit.
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“There has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal, contrary to comments made publicly by 7&i representatives,” Couche-Tard said in a letter to Seven & i’s board, released late Wednesday. “Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders.”
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Seven & i’s stock, which is up more than 25% since Couche-Tard’s interest became public 11 months ago, will probably decline due to the withdrawn proposal. The Japanese retailer has sought to make a case for remaining independent and made sweeping changes, appointing Stephen Dacus as chief executive officer, the sale of its superstore business for $5.4 billion, a share buyback program worth ¥2 trillion and a listing of its US business.
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“As we have expressed many times, we do believe that fully combining our two companies is the most straightforward and effective way to maximize value to all stakeholders,” Couche-Tard said in the letter signed by Chairman Alain Bouchard and CEO Alex Miller. “We believe this combination has the ability to enhance that path. However, we are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee.”
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Couche-Tard, which operates Circle K stores globally, disclosed that it has proposed alternate arrangements for a deal, including buying the Seven & i’s international business and taking a minority stake in the Japanese business.
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—With assistance from Peter Vercoe.
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