Seven & I Holdings signed a confidentiality pact with Alimentation Couche-Tard, allowing the two companies to advance discussions on addressing antitrust concerns arising from the Canandian retailer¡¯s takeover approach.
The nondisclosure agreement (NDA) will pave the way for discussions around antitrust issues in the United States, Seven & I said Wednesday, referring to the key point of contention that has held up takeover negotiations.
The move comes after a management buyout plan led by Seven & I¡¯s founding Ito family to keep the company in Japanese control failed. That has piled pressure on the retailer to engage with Couche-Tard, which first made the takeover approach in August.
The Japanese company also signed an NDA with possible buyers and it is limited to talks on the divestment of the company¡¯s U.S. stores and not the entire operation of Seven & I, a spokesperson said. The Nikkei newspaper reported about the pact earlier Wednesday.
Seven & I appointed a new chief executive officer Stephen Dacus earlier this month to overhaul the company¡¯s business. It has since agreed to sell its supermarkets and retail business for $5.4 billion and announced a ?2 trillion ($13.4 billion) share buyback.
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