Couche-Tard to retake Seven & i after rejecting $38.5 billion bid, reports Bloomberg News By Reuters

(Reuters) – Alimentation Couche-Tard plans to tell 7-Eleven operator Seven & i Holdings it is still keen to pursue a takeover, Bloomberg News reported on Sunday, citing people familiar with the matter.

The Canadian retailer plans to write to the Japanese retailer in the coming days to reiterate its interest in a deal and has not ruled out going directly to shareholders with its offer, the report said.

Couche-Tard and Seven & I did not immediately respond to a Reuters request for comment.

Seven & i, which said last month it had received an offer from Circle-K owner Couche-Tard without mentioning the price, revealed the offer was $14.86 per share and said it was open to ” give sincere consideration’ to any proposal.

The proposal could signal a willingness to offer a higher price if Seven & i accepts friendly negotiations, the report said, citing a person familiar with the matter.

Operator 7-Eleven said the proposal was not in the best interests of its shareholders and could face antitrust challenges in the US because the combined entity would be the largest in the convenience store industry by a considerable margin.

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