7-Eleven owner says founding family unable to secure massive funding for buyout
CNN
Japan’s Seven & I Holdings 3382.T said on Thursday the retailer’s founding Ito family could not secure the financing required for a $58 billion management buyout, and it would consider a rival offer from Canada’s Alimentation Couche-Tard ATD.TO.
Japan’s Seven & I Holdings said on Thursday its founding Ito family could not secure the financing required for a $58 billion management buyout, and it would consider a rival offer from Canada’s Alimentation Couche-Tard. “There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for 7&i to consider at this time,” the company said in a statement. “7&i remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal from Alimentation Couche-Tard.” Itochu, a major Japanese trading house, said in a statement it had ended its consideration of participating in the Seven & I founding family’s buyout proposal. The failure of the management buyout heightens the likelihood of Couche-Tard pulling off a mammoth acquisition of one of Japan’s best-known and most beloved retailers, which owns 7-Eleven convenience stores. Couche-Tard reiterated that it was committed to reaching a mutually agreeable transaction with Seven & i. Seven & i sank more than 12% in Tokyo trading, poised for the biggest daily plunge since it listed as a holding company in 2005. Itochu shares surged as much as 6.8%.
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Japan’s Seven & I Holdings 3382.T said on Thursday the retailer’s founding Ito family could not secure the financing required for a $58 billion management buyout, and it would consider a rival offer from Canada’s Alimentation Couche-Tard ATD.TO.
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