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Seven-Eleven Japan raises offer for U.S. chain

Seven-Eleven Japan Co. on Friday said it has raised its offer for the remaining stake in 7-Eleven Inc. of the U.S. by $5 per share to $37.50.
/ Source: The Associated Press

Seven-Eleven Japan Co. on Friday said it has raised its offer by 15 percent to about $1.38 billion for the remaining 27.3 percent stake in its U.S. affiliate, 7-Eleven Inc., the world’s largest convenience-store chain.

Seven-Eleven Japan, which already owns the rest of its U.S. affiliate’s shares, is boosting its offer for the rest by $5 to $37.50 a share. The revised offer expires at midnight on Nov. 8.

The original offer of $32.50 a share was worth about $1.2 billion. Seven-Eleven Japan made the initial offer on Aug. 31.

But directors of Dallas-based 7-Eleven recommended last month that shareholders reject the $32.50 offer, saying it was “not in the best interests” of shareholders.

The Japanese company said that 203,245 shares were tendered under the original offer. Holders of those shares will receive the revised offer price.

Shares of 7-Eleven closed at $35.84 on Wednesday on the New York Stock Exchange. 7-Eleven operates or franchises about 5,800 stores in the United States and Canada and licenses more than 22,000 worldwide.