7-Eleven Owner Rejects $38 Billion Buyout Offer From Canadian Rival

The 7-Eleven operator said the offered value ‘grossly undervalues’ the company.

A sign outside a 7-Eleven store is seen in Glendale, Calif., July 11, 2022. Robyn Beck/AFP via Getty Images

The operator of the 7-Eleven convenience store chain has turned down a $38.5 billion buyout offer from Canada’s Alimentation Couche-Tard, citing that the bid was inadequate in value.

Seven & i Holdings, the parent company of 7-Eleven, said that Couche-Tard’s $14.86-per-share cash deal “grossly” undervalued the company and was not in the best interest of its shareholders.