7-Eleven shares are rising on reports of a new takeover offer from Couche-Tard

Shares of the owner of convenience store giant 7-Eleven have risen after news that the company received a new takeover offer from Canadian rival Alimentation Couche-Tard.

The new offer values ​​Japan’s Seven & i Holdings at more than $47 billion (£36 billion), about 20% more than Couche-Tard’s original offer, according to Bloomberg News.

In September, Seven & i rejected a $38 billion proposal from Couche-Tardit severely undervalued the company and any potential takeover would face major regulatory hurdles.

BBC News has contacted Couche-Tard and Seven & i for comment.

Shares in Seven & i rose around 5% in morning trading in Tokyo, after initially rising 9.5%.

The new offer was reportedly presented to Seven & i on September 19 and no discussions have taken place between the two sides since then.

After the previous offer was rejected, Seven & i was added by Japan’s Finance Ministry to a list of companies deemed “of central importance” to the country’s national security.

The move, widely believed to have little impact on Couche-Tard’s takeover attempt, forces potential foreign investors in such Japanese companies to seek government scrutiny.

A Japanese company the size of Seven & i has never been bought by an overseas company.

Historically, companies from Japan were more likely to buy foreign companies.

Last year, the Japanese government issued new guidelines on mergers and acquisitions, urging companies not to reject credible takeover offers without proper review.

7-Eleven is the world’s largest convenience store chain with 85,000 stores in 20 countries and territories.

If the deal goes through, Couche-Tard’s presence in the U.S. and Canada would more than double at approximately 20,000 locations, creating a 100,000-strong global convenience store chain.