Buyout Proposal - Business Outrank

Seven & I Holdings, the owner of Japan's 7-Eleven stores expands, intends to turn down Alimentation Couche-Tard's $47 billion bid, as reported by Yomiuri. The company does not intend to become an acquisition target and, instead, aims to raise its own value following the dismissal of a management buyout by the founding Ito family. The decision of a special committee that examined Couche-Tard's offer is to not acquire, because of potential antitrust problems in the U.S., the report said. This is in line with Seven & I's plan to tell investors that the company has room to grow and therefore trade at a higher valuation. At the moment, Seven & I has a market capitalization of about ¥5.7 trillion ($38 billion), which is far below Couche-Tard's $47 billion offer. However, the company is confident that it can improve its value proposition and become a more attractive proposition than a takeover. In an effort to build its standing, Seven & I is expected to name board member Stephen Dacus as its new CEO. Dacus, who has spent most of his career in the Japanese retail industry, has worked for Fast Retailing, Walmart and Seiyu in senior management positions. His appointment is seen as an attempt to maintain the company's autonomy and block any acquisition attempts. The new management is expected to be instituted in the following few weeks once the corporate processes such as board approval are completed. If so, Dacus will be the first non-Japanese president of Seven & I.

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