In short: The failed Couche-Tard takeover target; the deal would have required a huge equity/debt raise Teich dislikes. Its removal cleared Couche-Tard's overhang. Referenced.
1:01:42last 6 months is the overhang from the 7-Eleven is gone because you were going to have to issue, or they were going to have to issue equity and
1:01:49do a huge debt deal to buy 7-Eleven, which we just don't like. We would prefer a company that can reinvest internally and grow. But what's changed
In short: Reference — the 7-Eleven parent that Couche-Tard is chasing (a ~$47B offer). Bay Street's consensus is the deal "will never happen," which is exactly why Smead thinks Couche-Tard is worth watching — the executives don't care about the near-term stock price.
1:00:32French problem um so so what came out of that is they didn't buy anything they bought back stock the businesses succeeded now they go after seven and I the thought by Bay Street was they'll never get this deal done this will never happen that was the overriding theme we heard from analysts on the margin none of our investors think that seven and I will ever get captured well it seems to be they are the stocking horse still many many many moons later and I think investors are waking up saying why are they spending
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