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Kekst CNC is providing media support for the Japanese owner of the 7-Eleven convenience store chain, which has rejected a $39B acquisition proposal from Canada’s Alimentation Couche-Tard Inc.
Seven & i Holdings had a special committee of its board, composed of independent outstanding directors including chairperson Stephen Hayes Dacus, review the bid and decided it was too low.
Couche-Tard, which means "night owl" in French, operates 16,700 Circle K and Couche-Tard stores in the US, Canada, Europe and Hong Kong.
Seven & i runs a network of 85K stores in the US and Asia. It has a market value of $85B.
If Seven & i accepts a revised offer, it would be the biggest takeover of a Japanese company by a foreign firm.
Dallas-based Southland Corp. opened the first 7-Eleven in 1927 and entered the Japanese market in 1974. Japanese supermarket company Ito-Yokado acquired a 70 percent stake in Southland in 1991, and 7-Eleven became a wholly-owned unit of Seven & i in 2005.
7-Eleven is viewed as a “national treasure in Japan,” and “an indispensable part of daily life,” according to the New York Times.
Kekst CNC has Ruth Pachman and Nathan Riggs representing Seven & i.
Publicis Groupe owns Kekst CNC.
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