Japan's Seven & i announced the sale of its supermarket assets to Bain Capital for approximately $5.4 billion and plans an IPO for its 7-Eleven business in the U.S. by 2026. The decision comes after rejecting a low-ball takeover offer from Alimentation Couche-Tard. Following these moves, the company aims to return 2 trillion yen to shareholders through buybacks. Share prices surged by 6.1% post-announcement. New CEO Stephen Dacus emphasized the convenience store's strong potential, indicative of a strategic pivot for the firm.
Seven & i is selling its supermarket assets to Bain Capital for $5.4 billion, while planning an IPO for its 7-Eleven North America business by 2026.
In light of a recent restructuring, Seven & i plans to return proceeds from the sale and upcoming IPO to shareholders through share buybacks worth 2 trillion yen.
The company's board chairman Stephen Dacus was appointed CEO amid these significant changes, aiming to capitalize on the undervalued potential of the 7-Eleven convenience stores.
Seven & i's share price increased by 6.1% following the announcement of the supermarket sale and the strategic plans for its convenience store operations.
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