Seven & i reply shows new M&A era has arrived

A 7-Eleven convenience store, operated by Seven & i Holdings Co., at the company's headquarters in Tokyo, Japan, on Friday, Aug. 23, 2024. Japanese government approval could be a major roadblock in Alimentation Couche-Tard Inc.’s attempts to acquire Seven & i Holdings Co., if it proceeds. Regardless of whether the buyout offer is friendly or hostile, the deal could be blocked or the terms of agreement changed, should authorities deem it a national security risk. Photographer: Shiho Fukada/Bloomberg

TOKYO: When Seven & i Holdings Co rejected Alimentation Couche-Tard Inc’s takeover proposal, the Japanese retailer took pains to clarify that price was the issue, not the idea of an acquisition itself.

That’s one sign of a broader change underway in corporate Japan, long considered impenetrable because of entrenched interests that protected companies.