TMTPOST--Seven & I Holdings Co. has turned down Alimentation Couche-Tard Inc.'s $39 billion takeover offer, deeming it inadequate and fraught with regulatory risks, while indicating a readiness to entertain a revised proposal. Shares of the Japanese convenience store chain, known for its 7-Eleven outlets, experienced volatility as investors assessed the deal's potential, eventually falling by 1.9% in Friday morning trading. The company released a letter detailing its stance following an evaluation of the offer by an independent committee. Stephen Dacus, chair of the committee, stated in the letter, "We are prepared to genuinely consider any proposal that serves the best interests of Seven & I's shareholders and other stakeholders. However, we will reject any offer that undervalues the company's intrinsic worth or fails to address significant regulatory concerns." Couche-Tard and Seven & I revealed the Canadian company's bid on August 19, but specifics of the offer were not disclosed. The bid valued Seven & I at approximately $14.86 per share, suggesting a market value of ¥5.55 trillion ($38.7 billion). Although this represents a 21% premium over the price at the time of the proposal, it falls short of the company’s one-year peak observed in February. Dacus criticized the bid, stating, "We do not believe that your proposal provides a solid basis for substantive discussions about a potential transaction. It appears opportunistically timed and significantly undervalues our standalone potential and the other viable paths we have to enhance shareholder value in the near- to medium-term."