Alimentation Couche-Tard has boosted its bid for 7-Eleven’s Japanese parent to US$47 billion, the Globe and Mail and other media outlets reported.

Tokyo-based Seven & i Holdings announced Wednesday that it has received a revised, private and non-binding proposal from Montreal-based Couche-Tard to acquire the company.

“As requested by [Couche-Tard], the company has maintained, and intends to continue to maintain, the confidentiality of its current discussions with [Couche-Tard] at this time,” said Seven & i. “The company will continue to act in the best interest of its shareholders and other stakeholders of the company.”

The 7-Eleven chain has about 85,800 convenience stores across the globe. Couche-Tard operates approximately 16,800 convenience stores, including Circle-K, in 31 countries.

Seven & i did not disclose the amount of the revised offer. The Globe did not identify its source because the person was not authorized to speak publicly on the matter.

The hiked all-cash offer equates to US$18.19 per share and represents a 22% increase from the original US$14.86 per share.

The Seven & i announcement comes after Caisse de dépôt et placement du Québec (CDPQ) told Bloomberg that the pension fund manager is willing to provide financial backing to help the Canadian firm complete the acquisition.

“Couche-Tard knows that we will always accompany them in these endeavours if necessary,” Vincent Delisle, CDPQ’s head of liquid markets, told the news service.

CDPQ ranks among Couche-Tard’s largest shareholders with a 3.5% stake worth $2.4 billion, according to Bloomberg.

Seven & i had publicly questioned how Couche-Tard would finance the acquisition.The Japanese firm’s board rejected the opening bid on grounds that it “grossly” undervalued the firm.

But Couche-Tard said it remained committed to acquiring the company and has followed through on that vow with the new offer.

Seven & i has also criticized Couche-Tard for failing to explain how it would overcome U.S. regulatory hurdles. But Couche-Tard has said it has a successful history and track record of working with regulators in the U.S. and other countries.

Couche-Tard has noted that it and Seven & i operate in competition with a wide array of food and merchandise providers in several complementary U.S. markets.

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