Seven & i founding family aims to raise $52 billion for buyout this year, NHK says [Yahoo! Finance]
SEVEN & I HLDGS UNSP/ADR (SVNDY)
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en.wikipedia.org/wiki/seven_(1995_film)
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Source: Yahoo! Finance
it private by the end of this financial year, Japanese public broadcaster NHK reported on Tuesday. The family has established a special purpose company that is in talks with Japan's three largest lenders and major U.S. financial institutions to raise funds to take the 7-Eleven owner private. Seven & i has been under pressure to convince investors it can enhance value on its own and fend off a $47-billion takeover bid from Canada's Alimentation Couche-Tard. It said last week it had received a buyout proposal from the founding Ito family. Going private would allow it to continue under current management and remove pressure from shareholders to sell off more of its assets - as well as eliminate the threat from a bidder that it may see as hostile. A management buyout offer could also be a tactic to force Couche-Tard to bid more. The company's shares ended little changed on Tuesday, but have climbed by more than 50% to record highs since August as takeover speculation swirled.
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