X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TOKYO-Seven-Eleven Japan Co. is increasing its buyout offer for its US affiliate 7-Eleven Inc. from $32.50 per share to $37.50 per share. The revised offer represents a premium of approximately 32% over the closing price of 7-Eleven stock on August 31,2005, the last trading day prior to the announcement of the tender offer. Seven-Eleven also extended the offer until Nov. 8.

According to 7-Eleven execs, the company’s board of directors will recommend that shareholders tender their shares in connection with the amended offer. As of Thursday, approximately 203,245 shares had been tendered and not withdrawn in connection with the offer. Shareholders of 7-Eleven who have already tendered their shares will receive the increased offer price.

Last month, 7-Eleven’s board of directors recommended to shareholders the rejection of a $1.2-billion, $32.50-per-share takeover bid made in early September by Seven-Eleven Japan, the convenience-store giant’s majority owner, in efforts to take it private.

7-Eleven operates about 28,500 stores worldwide, with 5,256 of them in the US. Total September 2005 sales were $1.24 million, representing an increase of 20.7% compared to September 2004 sales of $1 million. The company said the sales increase for September was primarily due to a sharp rise in retail gasoline prices, as well as a solid increase in merchandise sales. US same-store merchandise sales for September 2005 also increased 4%, on top of a 6.5% increase in September 2004.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.