Seven-Eleven Japan Offers to Buy 7-Eleven
Tokyo, Seven-Eleven Japan Co. said today it will launch a $1.2 billion cash tender offer for the 27.3% stake it doesn’t already own in its U.S. affiliate 7-Eleven Inc. Seven-Eleven Japan, which is Japan’s largest convenience store operator with more than 10,000 locations, has offered $32.50 a share in cash for the remaining shares. That represents a 15% premium over 7-Eleven’s Wednesday closing price of $28.34.
Dallas-based 7-Eleven said in a statement it has appointed a special committee of its board and expects the panel will advise shareholders on or before Sept. 19 on its evaluation of the offer. It operates or franchises approximately 5,800 7-Eleven stores in the United States and Canada.