Seven-Eleven Japan executives have scheduled a deadline of midnight, Eastern Standand Time, on Oct. 18 to complete their tender offer. In a statement, the firm says that it will review the reasons for the rejection of the offer and then decide whether or not to withdraw the bid.
7-Eleven's shares have been hovering around $35 since the Seven-Eleven Japan's initial offer. Yesterday they closed trading at $35.59.
Seven-Eleven Japan will most likely increase its offer, one analyst following the proposal told GSR. "Seven-Eleven Japan probably had a reasonable expectation that they may have to offer more to get it done," he said, speculating that the company could be purchased for $38 per share or more.
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