Circle K Owner Submits Preliminary Takeover Bid for 7-Eleven

Dear Client:  A potential massive M&A deal in the convenience channel is emerging: The New York Times reported yesterday that the Canadian owner of Circle K (Alimentation Couche-Tard) has sent a "preliminary takeover bid" to the Japanese owner of 7-Eleven (Seven & i Holdings).  “The specifics of the proposal – including how much money was offered – have not been disclosed,” per report. But Seven & i’s market value is more than $38 billion.  A committee of “independent directors” (members