Seven & i Receives $58 Billion Buyout Offer from Ito Family to Thwart Couche-Tard

Nov 13, 2024, 07:49 AM

Seven & i Holdings Co., the Japanese owner of 7-Eleven, has received a buyout proposal from a member of its founding Ito family to take the company private in a deal that could be worth up to $58 billion (approximately 9 trillion yen), potentially making it the largest management buyout in history. The proposal involves funding from banks, Itochu Corp.—which owns rival convenience store chain FamilyMart—and Japanese megabanks. The move is seen as a strategic response to avoid a takeover bid from Canada's Alimentation Couche-Tard Inc. Shares of Seven & i surged 17% in Tokyo trading following the confirmation of the proposal.