7-Eleven US, the US subsidiary of Japanese c-store operator 7-Eleven, has rejected 7-Eleven’s offer to buy the company.

Last month 7-Eleven launched a $1.2bn cash tender offer to buy the 27.3% stake it does not already own in 7-Eleven US.

However, a special committee unanimously decided that the tender offer price was inadequate and not in the best interest of shareholders.

“The special committee recommends that shareholders rejects the tender offer and not tender their shares to 7-Eleven Japan pursuant to the tender offer,” 7-Eleven US said.