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Japan's Seven & I Holdings, which operates 7-Eleven stores worldwide including in the U.S., confirmed on Monday that it had received a preliminary takeover proposal from ACT based in Canada. The announcement comes about a year after an activist investor mounted intense pressure on Seven & I.

The proposed acquisition: 7-Eleven owner the target of a rival bidder in Canada

Seven & I Holdings acknowledged reports of the buyout offer, stating that ACT had made a nonsolicit proposal by way for an unsolicited confidential preliminary approach to acquire all outstanding shares in Seven & I. While the offer does not disclose financial terms, it is in any event hugely important deal for global convenience store chain ownership.

Response by the Board of Affiliates, Formation of Special Committee

As of now, the board of Seven & I has yet to decide on whether or not it intends to accept ACT's proposal for discussion. What is clear, though, is that the firm created a special committee of independent outside directors to evaluate Renco's proposal. Stephen Hayes Dacus is the chairman and chancellor of Seven & I. The company stressed that the special committee of its board will “thoroughly review” the proposal as well as SunEdison's stand-alone plans and other alternatives to maximize shareholder value. This information will be used to consider ACT's proposal, with a decision over how or if New Zealand should respond. Seven & I said it WILL announce its decision or any material developments that necessitate disclosure “in a timely manner’”. Thats something of a conclusion, since as Couche-Tard has now confirmed (included below and in that original report), 7-Eleven's parent company did make an offer to acquire Canadian convenience store chain. ACT confirmed on Monday that it has filed a proposal as well, in an independent statement. The focus that the company wants is to arrive at a “mutually agreeable transaction” which would provide for all customers, employees of both companies and franchisees; under this agreement we could also mention shareholders. ACT, however, cautioned that no offer was guaranteed and added it would not be making further public comment on the discussions unless or until an agreement is reached. Seven & I Holdings has been under pressure from activist investor ValueAct Capital, a hedge fund that last year tried to force out the company's president Ryuichi Isaka. The investment house ValueAct this week launched an extraordinary attack on Isaka’s leadership, accusing him of running a company mired in “entrenchment”.