March 19 (Reuters) - Potential buyers of Japan's Seven &
i ( SVNDF ) and Canada's Alimentation Couche-Tard's ( ANCTF )
U.S. stores have until the end of March to express
their interest and address antitrust concerns, Bloomberg News
reported on Wednesday, citing people familiar with the matter.
Some potential buyers are engaged in the process, and
have signed non-disclosure agreements, Bloomberg News reported.
ACT, which operates the Circle-K convenience stores in
Canada and the United States, has been trying to acquire the
beleaguered Seven & i ( SVNDF ) since August, with the Canadian company
ready to bolster its most recent buyout offer of $47 billion.
However, the deal has been wrapped up in anti-trust
concerns, with Seven & i ( SVNDF ) opposing the takeover bid saying U.S.
anti-trust law would be a barrier to any deal.
The companies are the top two players in the U.S.
convenience store market, with about 20,000 locations between
them.
It was not immediately clear how many stores apiece the two
companies were divesting.
ACT did not immediately respond to Reuters' requests for
comment. Seven & i ( SVNDF ) was not immediately available for comment.
Any initial expression of interest will need to protect
competition in the U.S. market, the Bloomberg report said,
citing people familiar with the matter.
Earlier this month, Seven & i ( SVNDF ), which has been the target of
investor criticism over its capital allocation for years, said
that talks had kicked off with ACT over a store sale plan that
would set the stage for the takeover bid.
Separately, ACT said it was in exploratory talks with third
parties about the potential sale of its U.S. stores to help it
gain regulatory approval.