Japan's Seven & i announces restructuring, new CEO to fend off $47 billion takeover bid

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Japan's Seven & i announces restructuring, new CEO to fend off $47 billion takeover bid - Channel News Asia

Quick Summary:

TOKYO :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.

The announced divestitures leave Seven & i mainly with its convenience store businesses at home and abroad, which is what ACT really wants, said Travis Lundy, a special situations analyst who publishes on Smartkarma.

Seven & i has been the target of investor criticism over its capital allocation for years, and in August received the ATC buyout offer that was later raised to $47 billion.