Alimentation Couche-Tard (ACT) and Seven & i Holdings have entered into a non-disclosure agreement (NDA) as part of ongoing discussions that could lead to a potential acquisition.
The NDA allows Couche-Tard to conduct due diligence and collaborate with Seven & i on regulatory planning. While both companies confirmed the development, they emphasised that there is no guarantee the talks will lead to a transaction.
Alex Miller, President and CEO of Couche-Tard, said they look forward to working collaboratively with Seven & i in the interests of all stakeholders.
“We appreciate the Special Committee of Seven & i engaging in substantive discussions regarding our proposal and providing access to diligence.
Seven & i’s Special Committee, led by Paul Yonamine, echoed that sentiment, noting that the NDA includes a standstill provision.
“The execution of the NDA is a positive step in the constructive engagement process with ACT.”
He added that the company is still pursuing two parallel strategies: a potential sale, and a standalone plan led by CEO Stephen Hayes Dacus.
“Unlocking significant value for shareholders and other stakeholders remains Seven & i’s top priority,” said Yonamine.
Seven and i previously rejected an AUD $38 billion takeover proposal from ACT, which it described as “grossly undervalued”.
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