Seven & i shares surge on report founding Ito family plans privatization bid [Yahoo! Finance]
SEVEN & I HLDGS UNSP/ADR (SVNDY)
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Source: Yahoo! Finance
founding family behind the Japanese retailer was planning to take it private within the current financial year. Shares rose nearly 10% to 2,671.0 yen by 20:00 ET (01:00 GMT) in Tokyo trade. Japan's public broadcaster NHK reported on Tuesday that Seven&i's founding Ito family plans to raise over $51.7 billion to take the company private, and was in talks with major Japanese and U.S. lenders over funding options. Seven&i had last week said it received a buyout proposal from the Ito family, which came as the retailer navigates an unsolicited takeover approach from Canada's Alimentation Couche-Tard. The Ito family plans to take the retailer private within the fiscal year ending March 2025. Going private could also help Seven&i quell shareholder calls to provide more value, likely by selling off some of its assets. Seven&i's shares are trading up over 50% since August, when reports of the Couche-Tard bid and potential privatization had begun trickling in. Related Articles Top
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