TOKYO (Reuters) -Japan’s Seven & i Holdings will set up a holding company for its non-core assets to bring in outside investment and is planning to change its name, the retailer said on Thursday.
The announcement marks an acceleration in its plans to boost corporate value and focus on its core convenience store business in part to resist a takeover bid by Canada’s Alimentation Couche-Tard (ACT).
The operator of 7-Eleven convenience stores – numbering over 80,000 worldwide – has been under pressure from investors to divest from its large portfolio of peripheral businesses.
The new company would contain a total of 31 subsidiaries, including the group’s superstores business, general goods store Loft, baby goods store Akachan Honpo and the operating company of Denny’s (NASDAQ:) restaurants in Japan, Seven & i’s presentation said.
ACT has upped the ante following its initial bid in August with a revised offer that values Seven & i at $47 billion, or 22% above its initial offer, two sources said on Wednesday.