Overview

• Alimentation Couche-Tard is pursuing a $47 billion acquisition of Japan's Seven & i Holdings, which would be the largest foreign buyout of a Japanese company.
• Both companies are working to identify U.S. store divestitures to satisfy antitrust regulators, with over 2,000 overlapping locations flagged as potential concerns.
• Seven & i's special committee has expressed hesitation over the deal, citing regulatory hurdles and previously rejecting Couche-Tard's offers as undervaluing the business.
• Activist investors, including Artisan Partners, are urging Seven & i to engage more deeply with Couche-Tard to maximize shareholder value.
• Couche-Tard has secured financial backing for the deal, with letters of support from major banks, and remains confident in overcoming regulatory obstacles.