Asian retailer Seven-Eleven Japan has announced that it has successfully completed its cash tender offer of US$37.50 per share for all outstanding shares of US convenience store chain 7-Eleven.

As a result of the tender offer, Seven-Eleven Japan (SEJ) will own approximately 95.4% of 7-Eleven’s outstanding common stock.

SEJ said it will acquire the remaining shares of 7-Eleven not owned by SEJ as a result of the tender offer through a short-form merger pursuant to which 7-Eleven’s remaining shareholders (other than SEJ, its subsidiaries and shareholders properly exercising dissenters’ rights) will be entitled to receive $37.50 per share in cash, without interest.

Such a short-form merger does not require the approval of or prior notice to 7-Eleven’s board of directors or other shareholders, the company said.