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LAVAL — Alimentation Couche-Tard Inc. says it’s restarting its share buyback program after it announced last week that it had ended its efforts to acquire the owner of the 7-Eleven chain.
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Laval, Que.-based Couche-Tard says the Toronto Stock Exchange had approved its program to buy back up to 10 per cent of outstanding shares that, based on its current price, represents about $5.8 billion in shares.
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The company says the potential repurchasing of about 77.1 million shares is an appropriate use of its cash and an efficient way to create long-term shareholder value.
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Couche-Tard had been keeping funds on-hand as it tried for more than a year to land a friendly takeover of Japan-based Seven & i Holdings Co. Ltd. in a deal that could have been worth more than $60 billion.
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The company said last Wednesday it had withdrawn its proposal, citing a lack of constructive engagement from Seven & i.
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Seven & i said it had engaged in good-faith discussions, but had also expressed concerns about antitrust hurdles and the broad shifts in the global economy that would challenge the prospects of any deal.
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