Trading halt: $47 billion deal cancellation shakes market
Seven & i Holdings, the big Japanese retail group behind 7-Eleven, saw its shares drop 9% after Canadian convenience store giant Couche-Tard suddenly pulled its $47 billion buyout offer.
Couche-Tard said it backed out because Seven & i wasn't engaging in "good faith," which led to a brief trading halt.
Seven & i fired back, calling the move "unilateral" and saying some of Couche-Tard's statements were inaccurate.
Deal would have created 1 of world's biggest convenience networks
Couche-Tard first made an offer back in August 2022 that was quickly rejected for undervaluing Seven & i.
They later bumped up their bid by more than 22%, but with talks stalling, Couche-Tard walked away.
If it had gone through, this deal would have created one of the world's biggest convenience store networks across North America and Asia.