Seven & i shares soar after report founding family aims to complete buyout this FY
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SHARES in Seven & i Holdings jumped more than 9 per cent in early Tokyo trading on Wednesday following a media report that the founding family behind the Japanese retailer was aiming to take it private within this financial year ending in March.
The shares were last up 9.2 per cent at 2,661 yen (S$23), compared with a 0.19 per cent rise in the benchmark Nikkei average.
Japanese public broadcaster NHK reported on Tuesday that the founding Ito family aims to raise more than US$51.7 billion to take the company private through a special purpose company, which is in talks with Japan’s three largest lenders and major US financial institutions.
Seven & i has been under pressure to convince investors it can enhance value on its own and fend off a US$47-billion takeover bid from Canada’s Alimentation Couche-Tard. BLOOMBERG
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