The Globe and Mail reports in its Friday edition that everyone seems to know that Couche-Tard's audacious bid to acquire rival 7-Eleven's Japanese parent is doomed, outside a handful of executives at the Montreal-based convenience store chain. The Globe's Andrew Willis writes that in the wake of weaker-than-expected financial results from Couche-Tard on Monday, along with concerns over the leadership of newly named chief executive officer Alex Miller, losing out on a debt-fuelled, $47-billion (U.S.) acquisition of Tokyo's Seven & i Holdings is likely to be a win for investors in the Canadian retailer. In recent weeks, Seven & i's founding Ito family moved forward with plans to take the 85,000-store company private for a reported $58.7-billion (U.S.), a price Couche-Tard would be hard pressed to match. Japan Inc. seems to support the concept, with the country's major banks in talks to finance the buyout. On Monday, Mr. Miller made it clear he is still hanging around the hoop, hoping for a chance to score. However, missing out on Seven & i would boost Couche-Tard's stock price by eliminating the uncertainties surrounding the takeover during a time when the retail outlook is cloudy, industry experts say.
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