7-Eleven turns down buyout offer: Why it’s a big deal for the Japanese company

Seven & i Holdings, the Tokyo-based operator of 7-Eleven, revealed last month that it had received an unsolicited takeover proposal from Alimentation Couche-Tard.In a letter addressed to Couche-Tard, released on Friday, Seven & i stated that its board, following a recommendation from a committee of independent directors, determined the offer was not in the best interest of shareholders.The company explained that Couche-Tard’s proposal “grossly undervalues our independent strategy and the additional actionable opportunities we see to unlock shareholder value,” according to Stephen Dacus, an outside director and chair of the independent committee.