Japanese 7-Eleven convenience store chain operator turns down Couche-Tard takeover offer

The parent company of the Japanese 7-Eleven convenience store chain is turning down a takeover offer from Alimentation Couche-Tard of Canada. In a letter made public Friday, Stephen Dacus, who heads a special committee examining the proposed takeover, said the committee carefully reviewed the offer to acquire all outstanding shares of Seven & i Holdings for $14.86 per share in cash. That calculates to about $38.6 billion, or 5.5 trillion yen at the current exchange rate. He says the company decided unanimously the deal wasn't “in the best interest” of the shareholders and undervalued 7-Eleven. He also cited U.S. regulatory concerns. Couche-Tard did not immediately respond.