Seven & i Holdings Co. said Friday it has expressed its opposition to Canadian convenience store giant Alimentation Couche-Tard Inc.’s takeover bid, saying the offer “grossly undervalues” the major Japanese retailer’s value. In a notification letter addressed to Alimentation Couche-Tard, Seven & i also said the Canadian company has proposed to acquire all of its outstanding shares for $14.86 per share in cash, which could amount to around $38.7 billion. Seven & i said in August that it had received a nonbinding, preliminary buyout proposal from Alimentation Couche-Tard and set up a special com…