Seven & i shares rose 9.5% after report Couche-Tard raised takeover offer By Reuters

(Reuters) – Shares in Seven & i Holdings jumped 9.5 percent in morning trading on Wednesday after Bloomberg News reported that Alimentation Couche-Tard raised its takeover price offer to $18.19 a share action.

The new offer would value the Japanese retailer at 7 trillion yen ($47.27 billion) and is 20 percent higher than Couche-Tard’s previous offer, Bloomberg said, citing people with knowledge of the matter.

Convenience store chain operator 7-Eleven rejected the initial offer last month, saying it “significantly undervalues” its business.

(1 USD = 148.0800 yen)