Convenience-store chain 7-Eleven plans to open 500 new stores in the U.S. and Canada.

The move is the latest attempt by the firm’s Japanese parent Seven & i to derail a takeover bid from Montreal-based Alimentation Couche-Tard. Seven & i aims to build the stores between 2025 and 2027.

During a recent investor presentation, 7-Eleven executives unveiled plans to roll out the chain’s New Standard format derived from a trial of the new Evolution store concept, which includes in-store restaurants.

Couche-Tard is seeking to acquire all of 7-Eleven’s Japanese parent’s assets, Alain Bouchard, the Canadian company’s founder and chairman has told Bloomberg.

Seven & i flatly rejected Couche-Tard’s initial offer of US$39 billion, contending that it “grossly” undervalued the company. The Japanese firm also appears cool to Couche-Tard’s upsized offer of US$47.6 billion but has indicated that it is still talking to the potential acquisitor.

Seven & i has also announced plans to clean up its balance sheet by divesting 444 under-performing 7-Eleven locations in North America. Meanwhile, the Japanese parent has begun efforts to split itself in two and rebrand as 7-Eleven.

It remains to be seen whether Couche-Tard will attempt to acquire the 7-Eleven stores being put up for sale in the U.S. and Canada.

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