7-Eleven’s Japanese owner appoints American CEO to fend off $47 billion takeover bid
CNN
Seven & I Holdings, the Japanese operator of the 7-Eleven convenience store chain, appointed its first foreign CEO and handed him the task of overhauling its business to fend off a $47 billion overseas takeover bid and engineer a recovery.
Seven & I Holdings, the Japanese operator of the 7-Eleven convenience store chain, appointed its first foreign CEO and handed him the task of overhauling its business to fend off a $47 billion overseas takeover bid and engineer a recovery. After a tumultuous six months that began when it received a buyout offer from Canadian Circle-K operator Alimentation Couche-Tard (ACT), Seven & I announced its most far-reaching leadership and business restructuring on Thursday. Lead outside director Stephen Dacus will succeed Ryuichi Isaka as chief executive on May 27, the company said. Addressing reporters in Japanese and English, Dacus said talks would continue with Couche-Tard, but significant regulatory hurdles stood in the way of a merger. “What I do not think our shareholders would want is for us to spend two plus years in limbo just for that to be rejected by the US courts,” he said. Seven & I, which has more than 80,000 7-Eleven stores in 20 countries and regions, also said it agreed to sell its superstore unit to Bain Capital for 814.7 billion yen ($5.50 billion) and that it would sell down its ownership of Seven Bank to below 40%.
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