The Canadian convenience store giant, Alimentation Couche-Tard, which submitted a takeover bid to Seven & i Holdings, said that it remains committed to making the deal happen.

Concerning the major Canadian convenience store operator’s takeover offer, Seven & i sent a letter last week saying that its board of directors unanimously decided that the proposal “is not in the best interest” of the Japanese retail chain, noting that it “significantly undervalues” the company's corporate value.

In response, Alimentation Couche-Tard said, “Considering the synergistic effects of the integration, it is regrettable that Seven & i has refused to engage in friendly discussions. On the other hand, it said that it is confident in its ability to finance the acquisition and that funds are not a reason not to negotiate.

Following this reaction, Seven & i commented that it is “ready to engage in serious discussions” if the proposing party fully recognizes Seven's corporate value and presents a proposal that will wipe out antitrust and other issues in the US.