(Reuters) -Shares in Seven & i Holdings surged 9.5% in morning trading on Wednesday after Bloomberg News reported Alimentation Couche-Tard upped its acquisition price offer to $18.19 per share.
The new bid would value the Japanese retailer at 7 trillion Yen ($47.27 billion) and is 20% higher than Couche-Tard’s previous offer, Bloomberg said, citing people with knowledge of the matter.
The operator of the 7-Eleven convenience store chain rejected the original offer last month saying it “grossly undervalues” its business.
($1 = 148.0800 yen)
(Reporting by Harshita Meenaktshi in Bengaluru and Anton Bridge in Tokyo; Editing by Alan Barona and Christopher Cushing)
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