Photographer: Soichiro Koriyama/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesSeven & i Holdings has rejected the takeover offer from Canadian convenience store operator Alimentation Couche-Tard , saying the offer "is not in the best interest" of its shareholders and stakeholders. According to LSEG data, the offer price will value Seven & i at $38.55 billion. In April, Seven & i announced a restructuring plan for the company, aimed at growing 7-Eleven's presence globally as well as divesting its underperforming supermarket business. Herrick explained Artisan asked Seven & i to consider the offer because the fund feels that capital allocation overseas has been overlooked. "You have more than 50,000 stores, or about 50,000 stores that are generating about $100 million or just over $100 million of operating profit for for the company.

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Persons: Alimentation, Soichiro Koriyama, Tard, Stephen Dacus, Dacus, Alain Bouchard, Ben Herrick, Herrick Organizations: Seven, Holdings Co, Tard Inc, Bloomberg, Getty Images Bloomberg, Getty, Holdings, Tokyo Stock Exchange, litigating, Artisan Partners, Partners, & $ Locations: Kobe, Japan, U.S, Tokyo, United States