7-Eleven owner rejects $38.7bn buyout offer from rival

The Japanese owner of convenience store chain 7-Eleven has rejected a $38bn (£29.2bn) takeover bid from a Canadian rival.In a letter addressed to the Circle K owner Alimentation Couche-Tard (ACT), Seven & i Holdings said the Canadian company's offer "grossly" undervalued the company and was fraught with regulatory risk.The 7-Eleven owner added, however, that it remains open to negotiations and ready to consider a…