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LAVAL, Que. – The Japanese owner of 7-Eleven says it has received a new management buyout proposal from a member of the family that helped found the company, offering an alternative to the takeover bid from Alimentation Couche-Tard Inc.

The proposal for Seven & i Holdings Co. Ltd. is being made by Junro Ito, who is a vice-president and director of the company, and Ito-Kogyo Co. Ltd., a private company affiliated with him.

Terms of the non-binding offer by Ito were not disclosed.

In a statement Wednesday, Seven & i said its special committee has been reviewing the proposal with its financial advisers.

Stephen Hayes Dacus, chair of the special committee and board of directors of the company, said the company is committed to an objective review of all alternatives as it considers the proposals from Ito and Couche-Tard as well as the company’s stand-alone opportunities.

“The special committee and the company board will continue to engage with all parties in a manner designed to maximize value and will continue to act in the best interests of the company’s shareholders and other stakeholders,” he said in a statement.

The company noted that Ito has been excluded from all discussions within the company related to the offer and the bid by Couche-Tard.

Quebec-based Couche-Tard made a revised offer for Seven & i last month after an earlier proposal was rebuffed by the Japanese firm because it was too low and did not fully address U.S. regulatory concerns.

It did not respond to a request for comment about Ito’s offer.

RBC Capital Markets analyst Irene Nattel said the latest development underscored her belief that a Couche-Tard deal with Seven & i is a “low probability event.”

“Assuming attractive pricing and a fully-funded transaction, the potential privatization from a friendly Japanese group would seemingly provide investors with the value creation event they seek,” said Nattel, adding that it would skirt potential competition issues in the U.S. and concerns around the foreign takeover of a core local entity for Japanese regulators.

Couche-Tard has argued its proposal offers clear strategic and financial benefits and has said it believes the two companies can reach a mutually agreeable transaction.

However, the Japanese company has said there are multiple and significant challenges such a transaction would face from U.S. competition regulators.

Couche-Tard operates across 31 countries, with more than 16,800 stores. A successful deal with Seven & i could add 85,800 stores to its network.

Seven & i owns not only the 7-Eleven chain, but also supermarkets, food producers, household goods retailers and financial services companies.

This report by The Canadian Press was first published Nov. 13, 2024.

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The Canadian Press. All rights reserved.

MONTREAL – Quebec provincial police say a body found in a nature park last month was that of a cryptocurrency influencer who had been missing since he was kidnapped from his Old Montreal condo in June.

Police say Kevin Mirshahi’s remains, discovered on Oct. 30 at Montreal’s Parc de l’Île-de-la-Visitation, were formally identified by the coroner’s office.

Mirshahi, 25, had been missing since he and three other people in their 20s were kidnapped from the parking garage of his condo building on June 21.

Three of the four people kidnapped — two women and a man — were found alive a day later in western Montreal, but Mirshahi remained unaccounted for.

By August, Quebec provincial police had concluded Mirshahi had been killed and they arrested Joanie Lepage, 32, of Les Cèdres, 45 kilometres southwest of Montreal.

She was charged at the courthouse in Valleyfield, Que., with first-degree murder, forcible confinement and accessory after the fact to murder on Aug. 22.

According to the charges, the killing is alleged to have taken place in Les Cèdres on the same day as the kidnapping.

Police say other arrests could be coming as the investigation is ongoing.

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.

VICTORIA – Former British Columbia premier John Horgan loomed large over the swearing-in ceremony for 47 New Democrat members of the legislature, a day after his death.

Before the ceremony, Songhees Nation elder Butch Dick sang a prayer and offered words of sympathy for the family of Horgan, who died Tuesday at the age of 65 after a third battle with cancer.

Dick says Horgan was a “friend of the people,” while Legislature Clerk Kate Ryan-Lloyd paid tribute to Horgan for his service to the people of B.C.

Langford-Highlands MLA Ravi Parmar wore a Victoria Shamrocks lacrosse jersey to honour his longtime friend and mentor who was a lacrosse player and faithful follower of the Shamrocks.

Garry Begg, whose 21-vote victory in Surrey-Guildford gave the NDP a one-seat majority government, was given a standing ovation by friends and colleagues.

The NDP majority in the 93-seat legislature was only confirmed after recounts that took place weeks after the Oct. 19 election.

The B.C. Conservatives won 44 seats, and the Greens two.

This report by The Canadian Press was first published Nov. 13, 2024.

The Canadian Press. All rights reserved.