Convenience store chain 7-Eleven rejects buyout offer

A special committee of the board of US convenience store operator 7-Eleven Inc. recommended that shareholders reject a $1 billion buyout offer from Japan s Seven & I Holdings Co. Ltd. 7-Eleven said in a statement the committee had determined that the $32.50 a share offer was "not in the best interests of the shareholders of 7-Eleven."
The special committee has now instructed its financial and legal advisers to contact Seven-Eleven Japan Co. Ltd., a unit of Seven & I, to start talks about increasing the offer price, 7-Eleven Inc. said.