Seven & i shares surge as founding family reportedly taking firm private

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Seven & i shares surge as founding family reportedly taking firm private

TOKYO, JAPAN – 2024/10/11: Logo at the Seven & i Holdings headquarters in Tokyo. 

Sopa Images | Lightrocket | Getty Images

Shares of 7-Eleven owner Seven & i soared nearly 11% on Wednesday after a report said the company’s founding family was raising more than $50 billion to take the company private within this fiscal year.

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According to

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, the founding family will raise over 8 trillion yen ($51.66 billion) from “three ********* megabanks and major ********* financial institutions,” according to a

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translation of the report in *********.

The funds will be used by a special-purpose company to carry out a tender offer for Seven & i shares, with the goal to complete the plan by March 2025.

Should this acquisition go through, it will be the largest buyout of a ********* company to date, NHK said.

********* convenience store operator Alimentation Couche-***** initially made

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to take over Seven & i in August. The offer was rejected, with Seven & i saying it

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the company

ACT then

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its offer in October by over 22% to $18.19 per share, valuing Seven & i at 7 trillion ********* yen, or about $47 billion. Seven & i said in a

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last month that it “has maintained, and intends to continue to maintain, the confidentiality of its current discussions with ACT at this time.”

In September, Seven & i was

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to national security in Japan, although the company said the designation was not related to the ACT takeover bid, according to a

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A foreign investor

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with the ********* government if it intends to acquire a stake of 1% or more in a “core” ********* firm.

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#shares #surge #founding #family #reportedly #firm #private

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