(Reuters) -Canada’s Alimentation Couche-Tard on Monday said it was resuming its share repurchase program days after the Circle K-parent scrapped its $46-billion attempt to buy Japan’s Seven & I.
The company said it would repurchase up to 77.1 million shares worth about $4.2 billion as it works to shore up shareholder value after the months-long effort to buy the Japan-based convenience store chain fell apart.
Couche-Tard, which has a market capitalization of about $15.95 billion, had said last week that it was scrapping its bid for Seven & I as the Japanese retailer refused to engage constructively on the deal. If it had been successful, it would have been Japan’s largest-ever foreign buyout.
Couch-Tard’s stock closed up 8.3% on July 17 when it scrapped the deal for Seven & I. The stock is down about 5% so far this year.
The authorized share buyback program will begin July 23, and continue through July 22, 2026, Couche-Tard said.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Leroy Leo)
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