Seven-Eleven Japan Completes Cash Tender Offer for 7-Eleven

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Seven-Eleven Japan Completes Cash Tender Offer for 7-Eleven

11/10/2005
DALLAS--Tokyo-based Seven-Eleven Japan announced that enough shareholders of 7-Eleven Inc. have agreed to sell their shares in the Dallas-based convenience store chain to take it private, reported The Dallas Morning News .

About 26,640,096 shares of 7-Eleven, or 95.4 percent of its shares outstanding, agreed to be sold and remaining shares soon will be purchased to complete the acquisition.

The offer from 7-Eleven’s largest licensee and shareholder expired at midnight on Tuesday.

Seven-Eleven Japan needed 90 percent acceptance of its $37.50-a-share offer to move ahead with its plans to completely own the world’s largest convenience store chain. It already owned 73 percent of 7-Eleven stemming from its 1991 financial bailout.

The original $32.50 a share offer launched in September was rejected by a special committee of 7-Eleven’s board after the stock traded well above the asking price. The latest offer was endorsed by the board.

Seven-Eleven Japan is expected to keep its North American operation headquartered in Dallas, where the company was founded in 1927. Seven-Eleven Japan opened its first 7-Eleven store in 1971 and now operates more than 10,000 of the total 28,993 7-Eleven stores operating worldwide.