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.
Seven & i rejects buyout bid of Couche-Tard as insufficient
September 6, 2024
Seven & i weighs buyout offer from Canada’s Couche-Tard
August 20, 2024
Ito-Yokado gives locations of final five stores to shut by February
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
Here is a collection of first-hand accounts by “hibakusha” atomic bomb survivors.
A peek through the music industry’s curtain at the producers who harnessed social media to help their idols go global.
Cooking experts, chefs and others involved in the field of food introduce their special recipes intertwined with their paths in life.
A series based on diplomatic documents declassified by Japan’s Foreign Ministry
A series about Japanese-Americans and their memories of World War II
