Alimentation Couche-Tard (OTCPK:ANCTF) raised its acquisition offer for Seven & i (OTCPK:SVNDY), the parent company of 7-Eleven, to over $47 billion, according to a Nikkei report that cites people with knowledge of the deal.

Couche-Tard initially offered to pay US$14.86 per share for Seven & i in August, though even at that price, the proposal already represented both the largest-ever foreign takeover of a Japanese company and Couche-Tard’s largest acquisition since the company was founded in 1980.

By Scott Murdoch and Anton Bridge TOKYO (Reuters) -Shares of Seven & i Holdings surged on Wednesday after Bloomberg News reported Canada's Alimentation Couche-Tard had raised its takeover offer price by more than a fifth,