Seven-Eleven Japan raises offer for 7-Eleven, Inc.
Increases the offer price to $37.50 per share.
25/10/05 Seven-Eleven Japan Co., Ltd. (“SEJ”) and 7-Eleven, Inc. (“SEI”) have announced that SEJ will amend its tender offer for all SEI common stock not already owned by SEJ and its subsidiaries by increasing the offer price to $37.50 per share. The special committee of the board of directors of SEI has determined that it will recommend that shareholders tender their shares in connection with the amended offer. The revised offer price represents a premium of approximately 32% over the closing price of SEI stock on August 31, 2005, the last trading day prior to the announcement of the tender offer, and an increase of approximately 15% over the original offer price of $32.50. SEJ has also extended its offer until 12:00 midnight, New York City time, on Tuesday, November 8, 2005. As of October 20, 2005, approximately 203,245 shares have been tendered and not withdrawn in connection with the offer. SEI shareholders who have already tendered their shares will receive the increased offer price of $37.50 per share and need not take any additional action in order to receive such price.
SEJ has also reached an agreement in principle, subject to court approval, to settle certain class action lawsuits that have been filed on behalf of SEI’s shareholders.
SEJ will supplement its Offer to Purchase and amend its tender offer and Rule 13e-3 transaction statements, and SEI will amend its solicitation/recommendation statement (in each case on file with the U.S. Securities and Exchange Commission (the “SEC”)), shortly to reflect the increased offer price and other relevant changes.
