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DALLAS (AP) - Directors of 7-Eleven Inc., the world's largest convenience-store chain, have recommended that shareholders reject a buyout offer from majority owner Seven-Eleven Japan Co., saying the offer isn't good enough.
The company said Thursday that a special committee of its board found the bid of $32.50 per share is "not in the best interests" of shareholders.
7-Eleven added that its advisers are discussing an increased offer with Seven-Eleven Japan Co. but couldn't promise that it would get a better proposal.
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