Seven & i Holdings of Japan announced on Monday that discussions have commenced with Canada's Alimentation Couche-Tard regarding a potential store sale plan that would pave the way for Couche-Tard's $47 billion takeover bid.
Last week, the operator of 7-Eleven convenience stores appointed Stephen Dacus as its new CEO to spearhead a recovery strategy and address Couche-Tard's acquisition proposal.
Seven & i cited U.S. antitrust regulations as a potential obstacle to a deal due to the significant market presence of both companies, with a combined total of approximately 20,000 stores in the U.S.
In a shareholder letter, Seven & i proposed a joint effort with Couche-Tard to assess the feasibility of a divestiture process and identify potential buyers.
Couche-Tard recently indicated discussions with third parties regarding a possible sale of U.S. stores to facilitate regulatory approval, aiming to attract potential acquirers.
Both companies have agreed to explore divestiture options to evaluate Couche-Tard's acquisition proposal, as confirmed by Seven & i on Monday.
In a separate development, Joseph Michael DePinto resigned as a director of Seven & i Holdings but will continue as the CEO of 7-Eleven Inc.
Senior executives from Couche-Tard are scheduled to visit Tokyo this week to address the media regarding their takeover bid.
Artisan Partners, a U.S.-based investor in Seven & i Holdings, expressed opposition on Sunday to the Japanese retailer's CEO succession plan and urged a reconsideration of Couche-Tard's takeover offer.