7-Eleven is the world's biggest convenience store chain, with 85,000 outlets across 20 countries and territories.
And it's been especially successful at selling itself as an option for a quick and cheap yet tasty meal, and in places where there is already an abundance of that, such as Japan and Thailand.
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"We have more stores than McDonald's or Starbucks," the chief executive of Seven & i Holdings, Ryuichi Isaka, told BBC News before the firm received the buyout offer.
Around a quarter of those 85,000 shops are in Japan, while there are roughly 10,000 in the US.
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7-Eleven is one of the largest and most recognized convenience store chains in the world. The history of 7-Eleven dates back to 1927 in Dallas, Texas, when an employee of the Southland Ice Company, Joe C. Thompson, decided to sell milk, bread, and eggs alongside the company's ice. This marked the start of a new retail concept, where basic goods were available for convenience.
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Initially called Tote'm, the stores underwent a significant rebranding in 1946, adopting the name 7-Eleven to reflect their extended operating hours, from 7 a.m. to 11 p.m., which were considered quite long at the time. However, as demand for around-the-clock service grew, many locations began staying open 24 hours.
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7-Eleven was first brought to Japan from the US in 1974 by retail tycoon Masatoshi Ito.
Ito, who died in 2023 aged 98, is credited with turning the convenience store chain into a global business empire.
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On May 15, 1974, the first Seven-Eleven store opened in Toyosu, Tokyo. Back in those days, it operated from seven in the morning to eleven at night, as its name implies. At the time, it was groundbreaking for a store to stay open so late.
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As of fiscal 2023 (up to February 2024), there were 21,533 Seven-Eleven stores across Japan. Total sales revenue was ¥5.3 trillion.
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A Canadian convenience store giant has made a bid worth $38bn (£29.2bn) for the Japanese-owned 7-Eleven in what could be the country's record foreign takeover.
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In early September, Seven and i Holdings turned down ACT's initial proposal, on the grounds it was "opportunistically timed and grossly undervalues our standalone path and the additional actionable avenues we see to realize and unlock shareholder value in the near- to medium-term."
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