7-Eleven Owner Receives Buyout Proposal From Executive, Affiliated Firm
The company in September rejected a buyout offer from Canada’s Couche-Tard
Seven & i Holdings 3382 12.82%increase; green up pointing triangle has received a buyout proposal from its executive and his affiliated firm, it said Wednesday.
The Japanese retail company said its special committee is reviewing the proposal made by Vice President Junro Ito and his affiliated firm.
Seven & i said nothing has been decided on the proposal.
The 7-Eleven owner in September rejected a $39 billion buyout offer from Canada’s Alimentation Couche-Tard ATD 0.79%increase; green up pointing triangle, saying the proposal underestimated the company’s value and failed to sufficiently address regulatory issues.
In October, the Japanese company said it received a new proposal from Couche-Tard, without elaborating.
Seven & i has faced pressure from some foreign shareholders in recent years. It responded by shedding some businesses, such as unprofitable department-store operator Sogo & Seibu. In April, Seven & i said it was considering listing the supermarket business.