7-Eleven rejects multibillion-dollar offer from Circle K owner for huge convenience store merger

The operator of a popular convenience store has rejected an initial offer from a rival store’s owner, stating that the bid undervalues its global business. In a statement, the Tokyo-based company expressed its openness to consider proposals that benefit its shareholders. However, it emphasized its resistance to any proposal that does not address regulatory concerns or diminish the company’s value. The offer made by a Canadian company to acquire all outstanding stock was valued at $38.5 billion. The potential deal attracted attention as it could have been the largest cross-border takeover this year.