Company Name Changed to 'Seven Eleven Corporation'
ACT's Acquisition Proposal... Decision on Response After Discussion
Seven & i Holdings, a Japanese retail company operating the convenience store Seven-Eleven, announced a restructuring plan focused on its core convenience store business.
According to Japanese media such as Kyodo News and Nihon Keizai Shimbun (Nikkei) on the 10th, Seven & i Holdings will establish an intermediate holding company called 'York Holdings,' which will oversee Seven & i Food Systems, operating supermarkets like Ito-Yokado and restaurant chains like Denny's, as well as the variety store Loft, excluding Seven-Eleven.
Through this, Seven & i Holdings plans to attract external investment and reduce its equity stake.
Additionally, to emphasize the convenience store business, the company plans to change its name to 'Seven-Eleven Corporation' following the shareholders' meeting scheduled for May next year.
Seven & i Holdings had previously received a takeover proposal from ACT, a Canadian retail company operating the convenience store Circle K. It is reported that ACT recently raised its offer from 6 trillion yen (approximately 54 trillion won) to 7 trillion yen (approximately 63 trillion won).
Seven & i Holdings stated that it will discuss ACT's proposal and decide whether to respond.
Seven-Eleven is a convenience store brand that originated in the United States, with the first Japanese store opened by the major Japanese supermarket chain Ito-Yokado in 1974. Later, in 1991, it acquired shares of Southland, the American operator of Seven-Eleven, and established the holding company Seven & i Holdings in 2005.
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