Seven & I Board Seen Prevailing Over ValueAct at Annual Meeting
- Activist investor seeking changes, board seats at retailer
- 7-Eleven operator sold off businesses, added directors
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Seven & i Holdings Co. will probably have enough votes to install its proposed slate of directors at its annual meeting this week and prevail over candidates from activist fund ValueAct Capital Management LP.
The investor’s plan to install new board members is unlikely to win a majority because much of Seven & i’s shares are owned by the founding family, domestic banks and suppliers, according to analysts and some other shareholders. Even so, proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co. have backed ValueAct, giving its campaign meaningful support and keeping up the pressure on management to implement changes to deliver returns.