Seven & I Shareholder Pushes For Negotiations With Couche-Tard
- Artisan Partners wants Seven & i to provide update by Sept. 19
- US-based firm holds over 1% of company’s outstanding shares
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An investor in Seven & i Holdings Co. has urged the company to engage with suitor Alimentation Couche-Tard Inc. and provide an update on the buyout bid by next month, citing the “poor track record” of the Japanese operator of 7-Eleven stores in creating value for shareholders.
US-based asset manager Artisan Partners asked Seven & i to brief shareholders on the status of takeover negotiations by Sept. 19 in a letter sent to the board on Friday, warning the company will be “held accountable” if it doesn’t open negotiations. Artisan’s portfolio managers David Samra and Ben Herrick cited the “historic implications” of a bid that could represent the biggest takeover of a Japanese company by a foreign suitor.