The Quebec-based company, which operates Circle K stores, continues to believe there is “a unique strategic fit” to be realized through a merger with Seven & i Holdings, Couche-Tard CEO Alex Miller said Wednesday.
Miller’s comments came after Seven & i publicized a letter last week that it sent to Couche-Tard’s leadership in September explaining why it was rejecting the Canadian company’s offer.
The letter by Stephen Dacus, who was chair of the Japanese company at the time and has since become chief executive, had said Couche-Tard’s proposal was “not in the best interest of Seven & i shareholders and other stakeholders.” The company also said it intends to boost its own corporate value and has raised antitrust concerns in the U.S.
“We are open to engaging in sincere discussions should you put forth a proposal that fully recognizes our stand-alone intrinsic value,” Dacus wrote.
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Couche-Tard undeterred in pursuit to buy Seven & i
Speaking to analysts during a conference call to discuss Couche-Tard’s third-quarter results, Miller said Wednesday that his company is undeterred.
“We have reiterated several times over the past few months that we intend to be friendly and persistent in pursuing a transaction which we believe is in the best interest of all stakeholders,” he said.
“We have done that in the face of significant frustration and distraction. We look forward to fulsome engagement with Seven & i, so that we can reach definitive terms and move forward.”
In October, Seven & i said it received a revised non-binding proposal from Couche-Tard that media reports suggested were valued at US$47 billion, about 22% higher than an offer it made in August.
