Seven & i Holdings Shares Soar Amid New ACT Takeover Proposal

Shares of Seven & i Holdings rose over 10% after Alimentation Couche-Tard raised its takeover bid by more than 20%, valuing the company at $47.1 billion. The Japanese company, currently evaluating the report, faces pressure from investors to better allocate assets.

Shares of Seven & i Holdings experienced a significant rise of over 10% following a report from Bloomberg News indicating that Alimentation Couche-Tard had increased its takeover bid by more than a fifth. The new valuation places the Japanese retailer at $47.1 billion.

The latest proposal, set at $18.19 per share, marks a 20% increase over the previous offer from Canada's ACT. This proposal was submitted last month, according to sources familiar with the situation. Seven & i has yet to comment as it verifies the details of the report, while ACT has been unavailable for immediate comment.

The Japanese company's shares saw a reduction in their initial gains, ultimately rising by 4.7% to 2,335 yen ($15.76) as of 0130 GMT. Should the deal proceed, it would represent the largest ever overseas acquisition of a Japanese firm. The 7-Eleven operator recently rejected the initial offer, deeming it to undervalue the company significantly. With quarterly earnings slated for Thursday, analysts and investors are keenly awaiting updates on corporate value enhancement strategies.

(With inputs from agencies.)