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.
