Couche-Tard to approach Seven & i again after $38.5 billion offer rejection, Bloomberg News reports

(Reuters) – Alimentation Couche-Tard plans to tell 7-Eleven operator Seven & i Holdings that it was still keen to pursue an acquisition, Bloomberg News reported on Sunday citing people familiar with the matter.

The Canadian convenience retailer plans to write to the Japanese retailer in the coming days to reiterate its interest in a deal and has not ruled out going directly to the shareholders with its bid, the report said. 

Couche-Tard and Seven & i did not immediately respond to a Reuters request for comment.

Seven & i, which said last month it had received an offer from Circle-K owner Couche-Tard without naming the price, disclosed the bid was at $14.86 a share and said it was open to “sincerely consider” any proposals.

The proposal could signal a willingness to offer a higher price if Seven & i agrees to friendly negotiations, the report said citing one person familiar with the matter.

The 7-Eleven operator has said the proposal is not in the best interest of its shareholders and could face antitrust challenges in the U.S., as the combined entity would be the convenience store industry’s biggest by a considerable margin.

(This story has been refiled to fix the headline)