(CNN) – 7-Eleven has rejected a multi-billion dollar offer to merge with Circle K.
The 7-Eleven chain is owned by Japan’s Seven & I Holdings, which indicated the $39 billion bid from the Canadian owner of Circle K convenience stores was too low and that global business was worth more.
Analysts had previously said the combined entity would have controlled nearly a fifth of the U.S. convenience store market.
In a statement Friday, Seven & I Holdings said it was open to “sincerely consider” any proposal in the best interests of its shareholders.
© 2024 KOBI-TV NBC5. All rights reserved unless otherwise stated.