7-Eleven owner restructures to fight takeover
The Peninsula
Tokyo: The owner of 7 Eleven announced a major restructuring on Thursday as it seeks to boost its share price and fend off what would be the biggest f...
Tokyo: The owner of 7-Eleven announced a major restructuring on Thursday as it seeks to boost its share price and fend off what would be the biggest foreign takeover of a Japanese firm.
Seven & i Holdings rejected a $40-billion takeover bid last month from Alimentation Couche-Tard (ACT) but the Canadian group has since then reportedly sweetened its offer.
CEO Ryuichi Isaka did not disclose details of ACT's latest proposal at a press conference on Thursday, but called the restructuring an "important step towards global growth".
"Managing our business with capital efficiency in mind is a way to go beyond the value of the proposal and to be appreciated by our shareholders," he said.
7-Eleven "konbini" are a ubiquitous lifeline for Japan's ageing population and a cherished one-stop shop for everything from rice balls to concert tickets to photocopies.