Couche-Tard 'confident' it can close 7-Eleven bid

But analysts doubt a deal can get done between the two companies

- TARA DESCHAMPS

Alimentation Couche-Tard Inc.’s incoming CEO says the company is convinced it can close on a blockbuster bid to take over 7-Elevenowner Seven & i Holdings Co. Ltd.

Alex Miller, who is set to replace outgoing CEO Brian Hannasch on Friday, said he is confident in the company’s ability to finance and complete the proposed deal.

“We see a strong opportunity to grow together, enhance our offerings to customers and deliver a compelling outcome for the shareholders, employees and key constituencies of both companies,” Miller told analysts on a conference call Thursday.

Laval, Que.-based convenience store chain Couche-Tard revealed in mid-August that it had made a friendly, non-binding bid to acquire all outstanding shares in Seven & i, which said it would convene a special committee of its board of directors to review the offer.

Citing an unnamed source, Asian business outlet Nikkei reported that Seven & i planned to notify Couche-Tard its offered price was too low. The Japanese company would also cite remaining regulatory concerns in a letter to CoucheTard’s board, the report said.