TOKYO (Reuters) -Japan’s Seven & i Holdings will arrange a holding firm for its non-core property to usher in exterior funding and is planning to alter its identify, the retailer mentioned on Thursday.
The announcement marks an acceleration in its plans to spice up company worth and give attention to its core comfort retailer enterprise partially to withstand a takeover bid by Canada’s Alimentation Couche-Tard (ACT).
The operator of 7-Eleven comfort shops – numbering over 80,000 worldwide – has been underneath stress from buyers to divest from its massive portfolio of peripheral companies.
The brand new firm would include a complete of 31 subsidiaries, together with the group’s superstores enterprise, common items retailer Loft, child items retailer Akachan Honpo and the working firm of Denny’s (NASDAQ:) eating places in Japan, Seven & i’s presentation mentioned.
ACT has upped the ante following its preliminary bid in August with a revised provide that values Seven & i at $47 billion, or 22% above its preliminary provide, two sources mentioned on Wednesday.