Alimentation Couche-Tard and Seven & i Holdings have given potential buyers of about 2,000 c-stores the two retailers plan to divest until the end of March to express their interest, Couche-Tard CFO Filipe Da Silva told Bloomberg this week.
The Canadian retailer, which owns the Circle K banner, has also put a termination fee on the table that would be “painful” to absorb if the deal fails, Da Silva said. Da Silva added that the termination fee shows Couche-Tard is committed to trying to get the deal done.
Da Silva’s comments came about a day after Seven & i, parent of 7-Eleven, shared a timeline of this acquisition bid, highlighting Couche-Tard’s “resistance and delays on antitrust.” The Japanese company has repeatedly accused Couche-Tard of not taking U.S. antitrust concerns seriously.
The timeline also said Couche-Tard waited nearly two months after the initial proposal to address antitrust concerns, and that a proposed plan to address said concerns was insufficient given the scope of the $49 billion proposed deal.
Seven & i and Couche-Tard have more than 20,000 locations combined in the U.S. and Canada, and a divestment will likely need to include more than 2000 locations.
Full story Couche Tard deal for Seven & i inches toward a decision | C-Store Dive
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