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Seven & i rejects buyout proposal from rival ACT
The Japanese owner of convenience store chain, 7-Eleven, rejected a previous acquisition proposal from Canadian retail giant Alimentation Couche-Tard (ACT), citing a low valuation and regulatory concerns.
In a publicly disclosed letter, published on September 6, Seven & i Holdings said that the board of directors has unanimously concluded that the proposal is not in the best interest of the company’s shareholders and other stakeholders, and that they have decided to reject it.
“We are open to sincerely consider any proposal that is in the best interests of 7&i shareholders and other stakeholders,” Stephen Dacus, chairman of the board, noted in the letter. “However, we will resist any proposal that deprives our shareholders of the company’s intrinsic value or that fails to specifically address very real regulatory concerns,” he added.
The low valuation failed to reflect the value of the company’s business was cited as one of the major reasons in the letter. The letter revealed that the buyout proposal from ACT, the Canadian owner of convenience store chain Circle K, offered to buy out Seven & i for $14.86 per share in cash.
A special committee established to review the proposal concluded that the ask is “opportunistically timed and grossly undervalues” that the company seeks to realise in the near- to medium-term.
According to calculations, ACT’s pricing values Seven & i at around $38.7 billion. This amount was around 25% over Seven & i’s market capitalisation of around $31 billion, when the proposal was first made.
Regulatory hurdles
Additionally, the letter pointed out that the transaction might face regulatory hurdles from watchdogs such as the US competition law enforcement agencies.
It highlighted that other than a “simple assertion that you do not believe that a combination would unfairly impact the competitive landscape”, the proposal did not include further details towards a smooth closing. These include information such as the level of divestitures required, a timeline to clear regulatory hurdles, and whether the acquirer would be prepared to “take all necessary action” to obtain such clearance.
The Japanese company confirmed less than a month ago that it received a confidential acquisition proposal from ACT. If closed, the transaction would mark the biggest foreign takeover of a Japanese-listed company,
A major merger of two convenience store brands, 7-Eleven and Circle K, would create anti-competition concerns, which were raised when the proposal was revealed. In a market such as Hong Kong, where both brands remain dominant in the city, a merger would potentially harm consumers.
The letter said that Seven & i is open to hold “sincere discussions” if the issues around valuation and regulations were addressed.
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Economy
Kobe Bryant card, Star Wars toy sell for more than $1M at Goldin auction
Ken Goldin, CEO and founder of Goldin Auctions, highlights some of the most rare and valuable items in the 2024 Goldin 100 auction.
New Jersey auction company Goldin has noted some record-breaking sales during its most recent events.
One highly anticipated auction item, a game-used Logoman patch card signed by Kobe Bryant, sold for a whopping $1,584,643 at the Goldin 100 auction.
In a statement sent to Fox News Digital, Goldin founder and CEO Ken Goldin called this item “without a doubt one of the greatest Kobe Bryant cards ever made.”
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The $1.584 million sale price “marks a record for this particular card,” Goldin added.
“Logoman patch cards represent the pinnacle of modern trading cards, as they feature a key part of a game-worn jersey – they’re unique and desirable pieces of history,” he said.
The signed Kobe Bryant card and Star Wars Boba Fett action figure both sold at Goldin’s auction for more than $1 million. | Fox News
“We’ve brought some truly epic Logoman cards to market at Goldin, and this Kobe card is a prime example.”
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Along with the Kobe card, another Goldin 100 auction item also sold for more than $1 million – a 1979 Kenner Star Wars rocket-firing Boba Fett action figure.
The 1979 Kenner Star Wars rocket-firing Boba Fett (Mailer) J-Slot (V2)/2 Missiles Action Figure sold for $1,342,000. (Goldin / Fox News)
The figure fetched $1,342,000 on the auction block, making it the highest toy, action figure and non-prop Star Wars sale ever, according to Goldin.
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A more unique auction item, Ric Flair’s match-worn “Nature Boy” jungle-design robe, sold for $103,700, marking the highest public sale for a wrestling robe.
The Ric Flair match-worn, photo-matched, personally owned “Nature Boy” Jungle Design Robe sold for $103,700. (Goldin / Fox News)
A Patrick Mahomes sixth-career, game-used, signed and inscribed Kansas City Chiefs home jersey sold for $268,400, the highest selling price for a Mahomes jersey.
During Goldin’s August Elite Auction, a 1984-85 Star #101 Michael Jordan rookie card sold for $244,000, which broke the all-time public sales record for this card in a PSA 8.
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The auction also noted record sales of baseball collectibles, including a Mike Trout-signed 2009 rookie card, which Goldin described as “one of the scarcest rookie cards out there.”
The 1984-85 Star #101 Michael Jordan Rookie Card – PSA NM-MT 8 sold for $244,000. | Fox News
The Bowman Sterling card sold for $192,030, which marked a record sale for the Bowman set, according to Goldin.
A 2014 signed Bowman Chrome Mookie Betts rookie card sold for $123,220 – the highest Betts card sold to date.
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Two 2024 Topps Chrome signed rookie cards sold at record highs as well: Elly De La Cruz’s card sold for $116,534 and Jackson Holliday’s for $68,527.
