TOKYO — Japan's Seven & I Holdings said on Thursday the retailer's founding Ito family could not secure the financing required for a $58-billion management buyout, and it would consider a rival offer from Canada's Alimentation Couche-Tard.
TOKYO — Japan's Seven & I Holdings said on Thursday the retailer's founding Ito family could not secure the financing required for a $58-billion management buyout, and it would consider a rival offer from Canada's Alimentation Couche-Tard.'There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for 7&i to consider at this time,' the company said in a statement.
Seven & i's shares sank 12 percent, while Itochu shares rallied more than 6 percent in early trading in Tokyo on Thursday after the retailer confirmed a report in the Yomiuri newspaper that it was set to abandon the management buyout.Circle K convenience store owner Couche-Tard's $47 billion bid for Seven & I is one of the most prominent examples of the surge in international interest in Japanese assets in recent years.
Founders Fail To Secure Buyout Funding
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