Canadian convenience store giant Alimentation Couche-Tard has upped its takeover bid for Japan’s Seven & i Holdings to $47 billion, a 22% increase from its previous offer. The revised all-share proposal values Seven & i at $18.19 per share, representing a 21% premium to Tuesday’s closing price.
The potential deal, if successful, would mark the largest acquisition of a Japanese company by a foreign entity. Seven & i’s stock surged nearly 12% to 2,492.5 yen ($16.8) following reports of the new bid.
Seven & i confirmed receipt of a “revised confidential, private and non-binding proposal” from Couche-Tard but did not disclose details. The Japanese retailer’s special committee of independent directors is expected to evaluate the offer’s valuation and long-term growth prospects.
The company previously rejected Couche-Tard’s $38.5 billion cash offer in July, calling it “opportunistically timed” and undervaluing its standalone potential. Seven & i also raised concerns about U.S. antitrust approval for the deal.
As negotiations continue, it remains uncertain whether Seven & i will accept the enhanced proposal from its Canadian suitor.
