Seven & i Holdings Co. Ltd. (7&i ) responded publicly early this morning to the letter Alimentation Couche-Tard Inc. (ACT) sent to Seven & i’s board of directors late Wednesday withdrawing its proposal to acquire the parent of the 7-Eleven convenience-store chain due to a lack of constructive engagement by Seven & i.
- 7-Eleven is No. 1 and Alimentation Couche-Tard is No. 2 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
“7&i confirms that ACT has unilaterally decided to end discussions and withdraw its proposal to acquire the company,” the Tokyo-based global retailer said in a statement. “While we are disappointed by ACT's decision, and disagree with their numerous mischaracterizations, we are not surprised.”
Seven & i noted “significant changes in the global economy, exchange rates and financing markets” as reasons driving Couche-Tard’s withdrawal. “Conditions in key markets have deteriorated since last year.”
Seven & i added, “The special committee consistently engaged in good faith and constructively with ACT to explore the possibility of reaching a deal that could be consummated and that would benefit our shareholders. At the same time, we were always honest about the extraordinary antitrust hurdles a potential transaction would face, including the protracted timeframe to move through the regulatory process.”
The company also said that it has “pursued all parallel paths to ensure that value for shareholders and other stakeholders is maximized, and that it remains “fully committed to our standalone value creation plan, which we have been pursing in parallel, and to unlocking the value of our businesses, including our North American convenience-store business. Our plan is concrete and actionable. … We are also highly focused on moving quickly to improve key areas of our operations to enhance performance metrics over both the medium and longer term.”
Laval, Quebec-based Alimentation Couche-Tard is a global leader in convenience and fuel retail, operating in 29 countries and territories, with more than 16,700 stores. With its Circle K banner, it is one of the largest independent convenience-store operators in the United States.
Seven & i’s portfolio of businesses includes convenience stores, superstores, supermarkets, specialty stores, foodservices, financial services and IT services. It owns and operates more than 85,000 7-Eleven c-stores globally, including those in the United States, Canada and other countries. Irving, Texas-based 7-Eleven Inc. operates, franchises or licenses more than 83,000 convenience stores in 19 countries and regions, including more than 13,000 7-Eleven convenience stores in the United States and Canada.
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