Japan’s Seven & i Holdings says it is open to takeover talks with a Canadian convenience store operator, even after rejecting a bid from the firm last week.
The Japanese retail giant said that Alimentation Couche-Tard’s initial 39-billion-dollar proposal did not provide a “basis to engage in substantive discussions.”
But it adds it remains open to talks if the Canadian firm presents an offer that recognizes the company’s “standalone intrinsic value.”
Seven & i is the owner of 7-Eleven, the largest convenience store chain in Japan.
The firm said on Friday the first acquisition bid “grossly undervalues” its business, and rejected the deal.
Alimentation Couche-Tard said on Sunday it was disappointed by Seven and i’s refusal to engage in discussions. But it said it would continue its efforts.