Japan's Seven & i rejects $38.5b takeover offer from Couche-Tard

Japan's Seven & i rejects $38.5b takeover offer from Couche-Tard

Seven & i Holdings Co's Seven Eleven convenience store logo is pictured in Tokyo, Japan January 12, 2017. REUTERS/Kim Kyung-Hoon/File Photo

Japanese retail giant Seven & i Holdings said on Friday it had turned down Canada’s Alimentation Couche-Tard’s $38.5 billion cash bid, rejecting an offer that would be the largest-ever foreign buyout of a Japanese company.