Seven & i gets buyout proposal from new bidder

Nov 14 (NHK) - Seven & i Holdings says it has received a buyout proposal from a company linked to the founder of its Ito-Yokado supermarket chain.

The offer is apparently aimed at countering takeover proposals from a major Canadian convenience store operator.

Informed sources say the management buyout proposal involves Ito-Kogyo buying Seven & i shares and taking the Japanese retail giant private.

Ito-Kogyo, a company managing the Ito-Yokado founder's assets, holds more than 8 percent of Seven & i's shares. The firm is said to be negotiating with financial institutions to secure financing for the purchase.

Seven & i's market capitalization is around 6 trillion yen, or 39 billion dollars.

The Japanese retail giant said in October it had received a revised acquisition proposal from Alimentation Couche Tard. Sources say the Canadian company raised its offer to over 45 billion dollars.

Seven & i said in a statement it is committed to what it called an ''objective review of all alternatives" to unlock shareholder value.

The retail giant said a special committee of only outside directors is reviewing the latest proposal.

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