TOKYO -- Japan's Seven & i Holdings, owner of convenience store chain 7-Eleven, on Friday disclosed a letter to Alimentation Couche-Tard in which it says a proposed takeover by its Canadian peer is "opportunistically timed and grossly undervalues our standalone path and the additional actionable avenues."
Seven & i said the company's board had unanimously concluded that "the proposal is not in the best interest of 7&i shareholders and other stakeholders," responding to Couche-Tard's bid "to acquire all outstanding shares of Seven & i for $14.86 per share in cash."
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