Investing.com-- Alimentation Couche Tard Inc (TSX:ATD) is considering increasing its takeover offer for Seven&i Holdings (TYO:3382) after the Japanese convenience store operator shot down an earlier approach from the Canadian retail firm, Bloomberg reported on Thursday.

Seven&I's shares surged over 4% in Tokyo trade after the Bloomberg report.

Couche-Tard had earlier offered about $38.5 billion for the 7-Eleven operator, which the Japanese retail giant dismissed for being low in value and over potential antitrust challenges in the U.S., given that any potential merger would form one of the world’s biggest convenience store operators.

But Couche-Tard was now considering improving its takeover offer for the firm with the goal of getting Seven&I to begin discussions over a potential deal, the Bloomberg report said.

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