Bidding War Heats Up for 7-Eleven Owner Seven & i Holdings
Competing Offers Emerge
In a surprise move, Seven & i Holdings, the Japanese retail giant behind 7-Eleven convenience stores, has received a buyout proposal from a member of its founding Ito family. The non-binding offer from Ito-Kogyo, a company linked to Seven & i Vice President Junro Ito, values the company at a staggering $58 billion.
Rival Bid from Canada’s Alimentation Couche-Tard
This new development comes as Seven & i Holdings weighs a rival offer from Canada’s Alimentation Couche-Tard. The company’s special committee, set up to assess Couche-Tard’s bid, is now reviewing the Ito-Kogyo proposal as well.
U.S. Investor Calls for Formal Bidding Process
Artisan Partners, a U.S.-based investor holding 1.11% of Seven & i shares, is urging the special committee to consider a formal bidding process, including an auction, to explore additional third-party interest. Ben Herrick, Artisan’s portfolio manager, emphasized the importance of granting both parties equal access to conduct due diligence.
Sense of Urgency Needed
Herrick stressed that the board and special committee must act with a sense of urgency, without further delay. As one of Seven & i’s vocal foreign investors, Artisan has been pushing for the company to focus on its core convenience store business.
What’s Next for Seven & i Holdings?
As the bidding war heats up, all eyes are on Seven & i Holdings’ special committee to see how they will navigate these competing offers. One thing is certain – the future of this retail giant hangs in the balance.
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