Canadian convenience store giant Alimentation Couche-Tard has expressed interest in acquiring Seven & i Holdings, the parent company of popular convenience store chain 7-Eleven. In a press release on Monday, Couche-Tard confirmed that it had sent a friendly, non-binding proposal to the Japanese company.

Currently operating under brands such as Couche-Tard, Circle K, and Ingo, Couche-Tard aims to expand its footprint further with the acquisition of Seven & i, which boasts an impressive portfolio of convenience stores, supermarkets, and other businesses. With approximately 85,000 stores globally, Seven & i's 7-Eleven brand alone accounts for a significant chunk of the total.

The proposal made by Couche-Tard to Seven & i is described as confidential, non-binding, and preliminary. The Canadian company expressed its intention to acquire all outstanding shares of Seven & i in its statement. However, Seven & i emphasized that no decisions have been made by its board of directors or special committee regarding the proposal, entering into discussions with Couche-Tard, or pursuing any alternative transaction.

Seven & i, a Tokyo Stock Exchange-listed company, has formed a special committee to review Couche-Tard's offer. The committee will carefully evaluate the proposal, taking into account Seven & i's stand-alone plans and exploring other alternatives.

Couche-Tard expressed its focus on achieving a mutually agreeable transaction with Seven & i but noted that there is no certainty of reaching an agreement or completing a transaction at this stage.

If the acquisition were to proceed, Couche-Tard's current store count of 16,700 would experience a significant increase. Both companies are expected to release their latest quarterly financial results in the coming months, with Couche-Tard's first-quarter earnings scheduled for September 4th and Seven & i's third-quarter results to be announced in October.

The business world will be eagerly watching as Alimentation Couche-Tard and Seven & i delve further into discussions regarding a potential acquisition.