Canada’s Couche-Tard and Japan’s Seven & i sign a non-disclosure agreement giving Couche-Tard access to key financial data, energising talks over a $50 billion acquisition of the 7-Eleven owner amid regulatory and strategic hurdles.
Canada-based Alimentation Couche-Tard has advanced its pursuit of acquiring Seven & i Holdings, the Japanese owner of 7-Eleven convenience stores, after the latter agreed to grant the former access to key financial information. This development came on Thursday with both companies signing a non-disclosure agreement (NDA) aimed at facilitating further transaction discussions, due diligence, and collaborative engagement with regulatory authorities.
Couche-Tard, which owns the Circle K chain, had publicly pushed for access to such financial data since its unsolicited offer was disclosed last year. The company has indicated that more detailed information could empower it to enhance its current bid, which is valued at nearly $50 billion. The Canadian firm’s interest in acquiring Seven & i stretches back over two decades, but negotiations have faced hurdles, notably resistance from Seven & i based on concerns about competition in the US market—a region where a merged entity would hold significant market share.
The NDA includes a “standstill” agreement, a provision commonly utilised in mergers and acquisitions to prevent any hostile takeover attempts during the data-sharing phase. Seven & i’s statement emphasised this aspect, indicating a mutual intention to manage talks in an orderly manner.
Alex Miller, Couche-Tard’s chief executive, expressed appreciation for the special committee at Seven & i for engaging in substantial discussions and providing access to essential due diligence. Speaking to the Financial Times, he said, “We look forward to working collaboratively with Seven & i in the interests of all stakeholders.”
Negotiations had seen some preliminary progress late last year when both companies allowed limited discussions between their advisers and signed NDAs to explore potential sales of US stores to meet competition regulatory requirements.
Following the announcement, Seven & i’s shares experienced a rise of up to 3.5 percent in Tokyo trading on Thursday morning. However, the share price remained well below Couche-Tard’s offer, reflecting investor scepticism about the prospects of a deal being successfully concluded.
Seven & i maintains a commitment to following two parallel strategies aimed at maximising stakeholder value: managing the bid discussions while also pursuing value enhancement as an independent company. To this end, Seven & i has taken steps including divesting non-core assets, planning to list and sell a minority stake in its North American business, and initiating a share buyback programme exceeding $13 billion.
The company has also appointed Stephen Dacus as its new chief executive. Dacus, who previously led the special committee tasked with evaluating Couche-Tard’s bid, has been charged with driving the standalone growth strategy. Last week, he informed reporters in Tokyo of the company’s intentions to invest more aggressively in the US market, strengthen supply chains, and expand fresh food offerings.
However, Dacus acknowledged that the ongoing acquisition discussions might pose certain distractions. “At some point, you’ve got to make a decision, one way or another,” he remarked. “There’s still a lot of hurdles to clear… I suspect it’s going to take a while still, because there’s still some really serious things that need to be worked out.”
The Financial Times is reporting on these developments, highlighting the ongoing complexity and scale of the potential transaction between Couche-Tard and Seven & i Holdings, two major players in the global convenience store sector.
Source: Noah Wire Services
- https://www.ft.com/content/54e3290c-114f-4f67-937d-b5b8473fdf37 – This article reports that Alimentation Couche-Tard has advanced its $50 billion bid to acquire Seven & i Holdings by securing access to key financial information through a non-disclosure agreement (NDA).
- https://www.reuters.com/markets/deals/couche-tard-signs-nda-with-7-eleven-2025-04-30/ – This source details the NDA signed between Couche-Tard and Seven & i, including a ‘standstill’ clause to prevent hostile takeover attempts during the data-sharing phase.
- https://www.reuters.com/business/retail-consumer/canadas-alimentation-couche-tard-misses-quarterly-revenue-estimates-2025-03-18/ – This article mentions Couche-Tard’s interest in acquiring Seven & i Holdings, which owns 7-Eleven, and the potential to enhance its $47 billion offer if the Japanese firm cooperates.
- https://www.reuters.com/world/americas/7-eleven-owner-says-will-need-cut-costs-us-tariffs-hit-consumer-confidence-2025-04-25/ – This source discusses Seven & i’s plans to divest non-core assets, list a minority stake in its North American business, and initiate a share buyback program exceeding $13 billion.
- https://www.reuters.com/business/retail-consumer/japans-seven-i-seen-booking-24-fall-q4-profit-adding-takeover-pressure-2025-04-08/ – This article reports that Seven & i is anticipated to report a 24% decline in Q4 operating profit, adding pressure as the company resists a $47 billion acquisition attempt by Couche-Tard.
- https://www.reuters.com/world/americas/7-eleven-owner-says-will-need-cut-costs-us-tariffs-hit-consumer-confidence-2025-04-25/ – This source mentions that Seven & i has appointed Stephen Dacus as its new chief executive, who is charged with driving the standalone growth strategy.
- https://www.ft.com/content/54e3290c-114f-4f67-937d-b5b8473fdf37 – Please view link – unable to able to access data
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative references recent developments, including a non-disclosure agreement signed on the stated ‘Thursday’ (specific date not provided but implicitly recent) and the appointment of Stephen Dacus as CEO. No outdated references detected. Freshness is supported by current market reactions, such as Seven & i’s share price movement.
Quotes check
Score:
9
Notes:
Direct quotes from Alex Miller (Couche-Tard CEO) and Stephen Dacus (Seven & i CEO) are attributed to the Financial Times. While the original source (FT) is reputable, the quotes’ exact origins cannot be independently verified without access to FT’s archives. However, the specificity and contextual relevance suggest authenticity.
Source reliability
Score:
10
Notes:
The narrative originates from the Financial Times, a globally recognised and reliable publication. Its reputation for rigorous editorial standards supports the reliability of the information presented.
Plausability check
Score:
8
Notes:
Claims align with known facts: Couche-Tard’s long-standing interest in Seven & i, recent NDA signing, and Seven & i’s strategic moves (divestitures, share buybacks) are consistent with merger negotiation contexts. Investor scepticism noted in share price movements is plausible given deal complexity.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is credible, sourced from a reliable outlet, and corroborated by logical alignment with market behaviours and corporate strategies. Minor uncertainties around quote origins do not materially impact overall reliability.
