Convenience store company 7-Eleven has announced that a special committee of its board of directors has recommended that shareholders reject a takeover offer from Seven-Eleven Japan.
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The special committee unanimously determined that the tender offer price of $32.50 per share was inadequate and that the tender offer was not in the best interests of the shareholders of 7-Eleven, the company said.
The special committee instructed its financial and legal advisors to contact Seven-Eleven Japan’s financial and legal advisors to commence discussions regarding an increase in the tender offer price. These discussions have commenced; however, there can be no assurance as to when or if such discussions will result in an increase in the tender offer price by Seven-Eleven Japan.
