Competition heats up for potential sale of 7-Eleven chain [Yahoo! Finance]
SEVEN & I HLDGS UNSP/ADR (SVNDY)
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Source: Yahoo! Finance
Japan-based Seven & i Holdings Co. representative director and President Ryuichi Isaka, in a notice regarding media reports on Wednesday, confirmed a new potential buyer recently submitted a "non-binding and confidential proposal" to buy 7-Eleven. The offer came from Seven & i Holdings representative director and Vice President Junro Ito and the Ito-Kogyo firm, which is owned by the Ito family. Isaka said officials for ACT also submitted a proposal to buy the company, and an independent panel is reviewing all buyout proposals for the 7-Eleven chain. "We are committed to an objective review of all alternatives before us as we consider proposals from Mr. Ito and Ito-Kogyo, from ACT, as well as the company's stand-alone opportunities to unlock shareholder value," Isaka said. The Ito family owns Ito-Kogyo and can secure family funds to large banks to fund the proposed buyout, Kyodo News reported Wednesday. He said a special committee of the Seven & i Holdings' independent outsi
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