DALLAS-7-Eleven’s board of directors recommended to shareholders the rejection of a $1.2-billion, $32.50-per-share takeover bid made earlier this month by Seven-Eleven Japan, the convenience-store giant’s majority owner, in efforts to take it private. Now the 7-Eleven board will contact the Tokyo-based bidder to discuss an increase in the offer.

Seven-Eleven Japan executives have scheduled a deadline of midnight, Eastern Standand Time, on Oct. 18 to complete their tender offer. In a statement, the firm says that it will review the reasons for the rejection of the offer and then decide whether or not to withdraw the bid.

7-Eleven’s shares have been hovering around $35 since the Seven-Eleven Japan’s initial offer. Yesterday they closed trading at $35.59.

Seven-Eleven Japan will most likely increase its offer, one analyst following the proposal told GSR. “Seven-Eleven Japan probably had a reasonable expectation that they may have to offer more to get it done,” he said, speculating that the company could be purchased for $38 per share or more.

7-Eleven operates about 28,500 stores worldwide, with 5,256 of them in the US as of its latest financial quarter, which ended June 30. Sales during the period domestically were just under $2 billion and jumped 5% year-over-year.

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