THE ASAHI SHIMBUN
November 13, 2024 at 15:57 JST
The Seven & i Holdings Co. headquarters in Tokyo's Chiyoda Ward (Asahi Shimbun file photo)
Seven & i Holdings Co. is mulling a management buyout (MBO) to counter a takeover bid, The Asahi Shimbun learned on Nov. 13.
The distribution giant is believed to be aiming to take its shares private in response to a takeover offer from Canadian convenience store chain Alimentation Couche-Tard Inc.
According to sources, Seven & i has approached megabanks and other banks about raising funds to conduct an MBO.
Seven & i's market capitalization amounted to about 5.8 trillion yen ($37.5 billion) as of Nov. 13. The conglomerate oversees Japan's 7-Eleven convenience stores and Ito-Yokado supermarkets among companies.
The total amount required to acquire all shares is likely to be more than 6 trillion yen.
In July, Couche-Tard proposed an acquisition of Seven & i for about 6 trillion yen.
In response, Seven & i sent a letter rejecting the proposal, saying that the Canadian company “grossly underestimates” its corporate value.
In mid-September, Couche-Tard made a new offer of about 7 trillion yen, a 20 percent increase over the previous offer.
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Seven & i weighs buyout offer from Canada’s Couche-Tard
August 20, 2024
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August 31, 2024
Seven & i, facing a $47 billion Couche-Tard bid, to separate some assets
October 10, 2024
7-Eleven’s turnaround plan requires heavy lifting to stop Couche-Tard’s $47 bln takeover
October 15, 2024
Couche-Tard ups the ante by 20% in buyout bid for Seven & i
October 9, 2024
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