Seven & i Holdings has rejected Alimentation Couche-Tard’s takeover offer, stating it is not in the best interest of its shareholders.

Couche-Tard proposed acquiring Seven & i for $14.86 per share, valuing the company at $38.55 billion.

Seven & i’s special committee criticized the offer as undervaluing the company and opportunistic, particularly given the company’s ongoing restructuring plans and potential regulatory challenges in the U.S, CNBC has reported.

Seven & i expressed willingness to consider offers that truly benefit shareholders but warned against proposals that overlook significant regulatory issues.

Written by B.C. Begley