ValueAct Looks to Seven & I Board Vote After ‘Vague’ Response
- Investor pushing retailer to focus on 7-Eleven business
- Board says ready to consider options, including spinoffs, IPOs
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Activist fund ValueAct Capital Management LP said it’s looking forward to the opportunity to vote for new directors of Seven & i Holdings Co. after what it called a disappointing response from the retailer Thursday.
The operator of 7-Eleven stores didn’t answer any of the fund’s questions in a clear and specific way, and its communications continue to be “vague and confusing,” ValueAct wrote in an e-mailed statement Friday. The company’s “consistent refusal” to address investor dissatisfaction about its conglomerate structure “doesn’t inspire confidence in the company’s governance and leadership,” it added.