Alimentation Couche-Tard, the Quebec-based convenience store giant behind Circle K, has raised its offer to acquire 7-Eleven Japanese operator Seven & i Holdings, in a deal valued at approximately $64.7 billion (US$47 billion), which is around 20 percent higher than their previous bid.

In September 2024, Seven & i rejected Couche-Tard’s $38.5 billion initial bid, citing that the proposal undervalued the company and could face regulatory hurdles.

Seven & i shares surged nearly 12 percent in the morning following reports of Alimentation Couche-Tard’s raised proposal and eventually closed at a 4.7 percent increase.

If the takeover pushes through, it is expected to be the biggest foreign buyout of a Japanese firm and Couche-Tard's largest-ever acquisition.

Seven & i Holdings has retained Nishimura & Asahi as the company’s legal counsel and Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. as its financial advisor.

Couche-Tard has retained Goldman Sachs as a financial advisor but has not disclosed any external legal counsel.