LAVAL, QC, Sept. 8, 2024 /PRNewswire/ - Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") ATD, a global leader in convenience and mobility, today issued the following statement regarding the response letter sent by the Board of Directors of Seven & i Holdings Co., Ltd. ("7&i") in response to Couche-Tard's friendly, non-binding proposal:

Highly Confident Discussions Would Lead to Increased Value

Regulatory Approvals

Couche-Tard has a successful history and track record of acquisitions and working with U.S. and other regulators, in full compliance with applicable processes and requirements. The U.S. convenience store market is highly fragmented, with over 150,000 stores nationally. Both Couche-Tard's and 7&i's stores operate in the U.S. in competition with a wide array of brick and mortar and online food and merchandise providers. Additionally, 7&i and Couche-Tard largely operate in complementary markets across the U.S.

As 7&i and Couche-Tard have both done previously as part of successful acquisitions, we would, alongside 7&i, jointly consider divestitures that may be required to secure regulatory approvals.

In Japan, we believe that together with 7&i, we would offer a compelling combination that addresses all regulatory considerations and acknowledges the importance of 7&i in Japan with respect to areas such as food supply, banking and security services. We believe there are certainly solutions to meet any regulatory needs while securing the well-established ecosystem 7&i has successfully created in Japan.

Shareholder Returns

7&i Japanese Operations

We have tremendous respect for the strong, global business 7&i operates, specifically in Japan where its stores have reached an outstanding level of excellence. We also recognize the important role the company plays in everyday life in Japan, and we would intend to continue to operate the business in a manner consistent with providing this service for local communities.

When entering new markets, Couche-Tard always takes a humble approach. We would respect how 7&i operates in Japan. Couche-Tard has a strong history of partnership, always maintaining and learning from local leadership and employees, and empowering local leaders and operators with resources to enable them to keep serving their customers and communities.

7&i's Important Role in Japan

We also acknowledge that 7&i plays an important role in Japan's emergency response and serves as a part of the community lifeline and social infrastructure. We are committed to 7&i continuing to serve in this capacity. Couche-Tard also has deep experience supporting our communities during crisis, including during pandemics, hurricanes, fires, floods and other devastating natural disasters. Similar to 7&i, we stay open, provide essentials, and are important to emergency responses in our communities.

Proposal Not Subject to Financing

Based on substantial work and preparation, we are highly confident that we have sufficient capacity to finance the transaction in cash and that financing would not be a condition to closing a transaction. Couche-Tard has a very strong balance sheet and strong investment grade credit ratings. We are a sophisticated and disciplined user of the capital markets and have well-established relationships with major financial institutions and investors who are willing to support us in this transaction. We have secured a letter from our financial advisor stating that it is highly confident that it is able to arrange the financing for the proposed transaction, subject to customary conditions. Our acquisition history reflects a high level of discipline and execution excellence on behalf of our stakeholders, and we plan to take the same approach in this situation.

About Alimentation Couche-Tard Inc.

Couche-Tard is a global leader in convenience and mobility, operating in 31 countries and territories, with more than 16,800 stores, of which approximately 13,100 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, Belgium, as well as in Ireland. It also has an important presence in Luxembourg, Germany, the Netherlands, Poland, as well as in Hong Kong Special Administrative Region of the People's Republic of China. Approximately 149,000 people are employed throughout its network.

For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, unaudited interim condensed consolidated financial statements and Management Discussion and Analysis, please visit: https://corpo.couche-tard.com.

Forward-Looking Statements

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SOURCE Alimentation Couche-Tard Inc.

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