The corporation that operates 7-Eleven stores and various retail chains in Japan has confirmed an acquisition proposal from Alimentation Couche-Tard in Canada. Seven & i Holdings announced on Monday the formation of a special committee consisting of external directors to evaluate the offer, without disclosing further details. Following this news, Seven & i’s shares surged by 23% in Tokyo, marking the largest one-day increase in the company’s history. The company has been focusing on streamlining its operations and recently divested the department store chain Sogo & Seibu Co. to a U.S. investment fund.

Seven & i stated that its board and the special committee have not yet made a decision regarding accepting or rejecting the bid, engaging in discussions with Alimentation Couche-Tard, or exploring other alternatives. The company plans to announce its decision to the public in due course. Couche-Tard manages various convenience store brands such as Couche-Tard, Circle K, and On the Run, with a presence spanning over 14,000 stores in countries including Canada, Ireland, Mexico, Russia, Poland, Norway, Sweden, Denmark, and the United States.