Seven-Eleven Japan Offers to Buy 7-Eleven
Tokyo, Seven-Eleven Japan Co. said today it will launch a $1.2 billion cash tender offer for the 27.3% stake it doesn’t already own in its U.S. affiliate 7-Eleven Inc. Seven-Eleven Japan, which is Japan’s largest convenience store operator with more than 10,000 locations, has offered $32.50 a share in cash for the remaining shares. That represents a 15% premium over 7-Eleven’s Wednesday closing price of $28.34.
Dallas-based 7-Eleven said in a statement it has appointed a special committee of its board and expects the panel will advise shareholders on or before Sept. 19 on its evaluation of the offer. It operates or franchises approximately 5,800 7-Eleven stores in the United States and Canada.
Dick’s Connects With AT&T
Pittsburgh, Dick’s Sporting Goods will install an Internet Protocol Virtual Private Network (IP VIN) designed to integrate all retail stores, corporate offices and distribution centers. The system will be provided by AT&T. “Knowing that our data is secure enables us to focus on our core mission,” said Linda Walker, VP of infrastructure and security for Dick’s. Dick’s has 239 locations and had sales of $2.1 billion in 2004.