Seven & i Holdings, the parent company of 7-Eleven, has appointed its first foreign-born CEO, Stephen Dacus, as part of a strategy to fend off a $47 billion takeover bid from Canada's Alimentation Couche-Tard. The company plans to undertake an initial public offering (IPO) for its U.S. convenience store operations and buy back $13 billion in shares by 2030. This reshuffle and potential IPO aim to enhance the company's valuation and resist the pressures of foreign acquisition, reflecting broader trends in Japan’s corporate environment.
The moves are the company's latest attempt to prevent itself from being acquired by the retail group Alimentation Couche-Tard, which has offered around $47 billion.
Stephen Dacus, a longtime retail executive from the U.S., has been appointed as the first foreign-born CEO, marking a significant change in leadership for Seven & i.
Seven & i Holdings plans to hold an IPO of its U.S. convenience store business, which operates over 13,000 7-Eleven branches, as part of its strategy.
In a push to resist acquisition, Seven & i will also buy back over $13 billion in shares by fiscal year 2030 to elevate their market value.
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