7-Eleven Committee Recommends Revised Offer
DALLAS -- Seven-Eleven Japan Co. Ltd. will amend its tender offer for all 7-Eleven Inc. common stock it does not already own by increasing the offer price to $37.50 per share. The special committee of the board of directors of Dallas-based 7-Eleven has determined that it will recommend that shareholders tender their shares in connection with the amended offer. The revised offer price represents a premium of approximately 32 percent over the closing price of 7-Eleven stock on Aug. 31, 2005, the last trading day prior to the announcement of the tender offer, and an increase of approximately 15 percent over the original offer price of $32.50.
The Japanese company has also extended its offer until midnight EST on Tuesday, Nov. 8, 2005. As of Oct. 20, 2005, approximately 203,245 shares have been tendered and not withdrawn in connection with the offer. 7-Eleven shareholders who have already tendered their shares will receive the increased offer price of $37.50 per share and need not take any additional action in order to receive such price.
Seven-Eleven Japan has also reached an agreement in principle, subject to court approval, to settle certain class-action lawsuits that have been filed on behalf of 7-Eleven's shareholders.
The Japanese company has also extended its offer until midnight EST on Tuesday, Nov. 8, 2005. As of Oct. 20, 2005, approximately 203,245 shares have been tendered and not withdrawn in connection with the offer. 7-Eleven shareholders who have already tendered their shares will receive the increased offer price of $37.50 per share and need not take any additional action in order to receive such price.
Seven-Eleven Japan has also reached an agreement in principle, subject to court approval, to settle certain class-action lawsuits that have been filed on behalf of 7-Eleven's shareholders.