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Article: Seven-Eleven Japan makes bid to acquire all of 7-Eleven
- Article from:
- Deseret News (Salt Lake City)
- Article date:
- September 2, 2005
- Author:
CopyrightCopyright 2005 Deseret News (Salt Lake City). Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK -- Seven-Eleven Japan Co. said Thursday it will launch a
$1.2 billion cash tender offer for the 27.3 percent stake it doesn't
already own in its U.S. affiliate 7-Eleven Inc., in a move to take
the world's largest convenience store chain private.
Seven-Eleven Japan -- which is Japan's largest convenience store
operator with more than 10,000 locations -- is 51 percent owned by
Japanese retailer and Denny's franchisee Ito-Yokado.
The company, which already holds 72.7 percent of the U.S. 7-
Eleven, has offered $32.50 a share in cash for the remaining shares.
That represents a 15 percent premium over 7-Eleven's Wednesday
closing price of $28.34.
Dallas-based 7-Eleven said in a statement ...