# Seven & i shares give up some gains after Couche-Tard bid Published: 2024-08-20 Category: Headlines Category URL: https://assetdigest.com/category/headlines/ Meta Title: Seven & i Holdings shares dropped 7% after takeover news Meta Description: Seven & i Holdings shares dropped 7% after news of a takeover proposal from Canada's Alimentation Couche-Tard. What does this mean for the company's future? URL: https://assetdigest.com/seven-i-shares-give-up-some-gains-after-couche-tard-bid/ ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsx4iq004fwirg99umbncl/images/2024-08-20t013618z1lynxmpek7j01ertroptp4seven-i-m-a-couchetard-1736749230914-compressed.webp) TOKYO (Reuters) -Shares of Japan’s Seven & i Holdings fell more than 7% in morning trade on Tuesday, giving up some of their gains from the previous day, when they surged on news of a takeover proposal from Canada’s Alimentation Couche-Tard. While the value of the offer has not been disclosed, it would make the 7-Eleven owner the largest-ever Japanese target of a foreign buyout. Couche-Tard owns the Circle-K chain of convenience stores. Seven & i said it has set up a committee composed only of independent directors to review Couche-Tard’s proposal which includes buying all of the company’s outstanding shares. The Canadian company confirmed a “friendly proposal” was sent to Seven & i, adding it was focused on reaching a mutually agreeable transaction. Jefferies said in its research note that Seven & i’s decision to set up an independent committee was positive. But it added that “hurdles remain on the scale of the transaction and antitrust issues”. By late morning, Seven & i shares were down 7.3%, after losing more than 12% shortly after the open, and making them the biggest percentage loser on the Nikkei. On Monday, the news of the deal sent Seven’s shares surging by almost 23% in Tokyo, valuing the retailer at around 5.6 trillion yen ($38 billion). Couche-Tard, which operates Circle-K convenience stores, is valued at roughly $58 billion. ($1 = 146.2800 yen) (Reporting by Mariko Katsumura; Editing by David Dolan and Stephen Coates) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---