Quick Take: What ACT‘s Żabka takeover means for Seven & i

Research evidence excerpt

Quick Take: What ACT‘s Żabka takeover means for Seven & i

31 July 2026

Yugo Shima

+81 3 6777 6994

Japan Consumer yugo.shima@bernsteinsg.com

Seven & I Holdings Richard Trainor

+44 20 7762 1050

Rating richard.trainor@bernsteinsg.com

Market-Perform William Woods

Price Target +44 20 7676 6806

william.woods@bernsteinsg.com

3382.JP 2,100.00 JPY

Ran Yang

+852 2123 2658

ran.yang@bernsteinsg.com

Quick Take: What ACT's Żabka takeover means for Seven & i

Alimentation Couche-Tard (ACT) announced on July 31 a voluntary tender offer to acquire all

Close Date 30 Jul 2026

shares of Żabka Group at PLN 32.00 per share in cash (c. US$8.7bn in total). The offer has

3382.JP Close Price (JPY) 2,233.00

the support of CVC, Partners Group and senior management, who together hold c. 57% of the

Price Target (JPY) 2,100.00

shares, with closing expected by December 2026 (link).

Upside/(Downside) (6)%

Seven & i walked away from the Żabka investment over price on July 25. Six days 52-Week Range 2,417.00/1,811.00

later, ACT — the very company that once made a ¥7tn takeover proposal for Seven JPL 2,562.20

itself — announced it would acquire the whole company, all-cash. As we wrote at the FYE Feb

time of the walk-away (link): the private equity sellers were not desperate, and other buyers Div Yield 2.7%

stood ready at a higher price. The market has now put a public price tag on that read. Was Market Cap (JPY) (B) 5,181.14

Seven's price discipline right? At a minimum, two things are simultaneously true: Seven EV (JPY) (B) 8,425.96

walked away with discipline, and a strategic asset has passed into a competitor's hands. Performance YTD 1M 6M 12M

Absolute (%) (0.8) 14.1 1.0 11.8

The implications for Seven are threefold — all pointing in a negative direction for JPL (%) 16.1 (2.2) 11.2 35.9

the stock.