Canada's Alimentation Couche-Tard and Japan's Seven & I Holdings have submitted indicative offers to acquire U.S. convenience store retailer CST Brands, people familiar with the matter said on Thursday.
Couche-Tard and Seven & I, the owner of U.S. convenience store chain 7-Eleven, are competing against several other bidders for CST, including a consortium of private equity firms Blackstone Group and Apollo Global Management, the people said.
CST will seek at least one more round of offers before deciding on whether it will sell itself, the people cautioned.
The sources asked not to be named because details of the sale process are confidential. CST and Blackstone declined to comment, while Seven & I, Couche-Tard and Apollo did not immediately respond to requests for comment.