Couche-Tard CEO Alex Miller said Wednesday that the Quebec company that runs the Circle K store continues to believe that a “unique strategic fit” could be achieved through the merger with Seven & I Holdings.
Miller’s comments were posted in Seven&i, announcing a letter last week that sent to Couche-Tard’s leadership in September explaining why it rejected the Canadian company’s proposal.
Stephen Dacus, who then served as chairman of the Japanese company, has since become CEO, said Couche-Tard’s proposal “is not in the best interests of seven shareholders and my shareholders and other stakeholders.” The company also said it intends to increase its company value and raised antitrust issues in the United States
“If you make a suggestion that fully recognizes our independent intrinsic value, we are willing to have a sincere discussion,” Dakos wrote.
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Couche-Tard is uncomfortable pursuing buying seven & I
Miller said Wednesday that his company did not avoid speaking to analysts on a conference call to discuss Couche-Tard’s third-quarter results.
“We have reiterated several times over the past few months that we intend to be friendly and lasting in pursuing a deal that we believe is in the best interests of all stakeholders,” he said.
“We have done this in the face of frustration and distraction. We look forward to the interaction with Seven&I so that we can reach the definite terminology and move forward.”
In October, Seven people told me that it received a revised unbinding proposal from Couche-Tard, which media reported was worth $47 billion, 22% higher than the August offer.
