Seven & i concludes nondisclosure agreement with Couche-Tard
Japanese retail giant Seven & i Holdings Co. said Thursday that it has concluded a nondisclosure agreement with Canadian convenience store operator Alimentation Couche-Tard Inc., which has offered to acquire Seven & i.
This will allow talks between the two over the takeover offer to move forward.
Seven & i had asked Couche-Tard to conclude the agreement, which includes a protection clause ensuring that the company does not launch a hostile takeover bid against Seven & i.
In October last year, the two companies signed a contract to share information related to the proposed sale of Couche-Tard stores in the United States to resolve US antitrust concerns.
However, the two had not settled the nondisclosure deal, as Couche-Tard refused to sign it. Meanwhile, Seven & i plans to maintain its stance to work on enhancing its corporate value by itself.
The company will continue to scrutinise through a special committee comprising independent outside directors whether it can accept Couche-Tard's buyout offer.
[Copyright The Jiji Press, Ltd.]
Photo by Reuters
