Latest news with #JunroIto
27-05-2025
- Business
Seven & i Shareholders Approve Dacus-Led New Board
Newsfrom Japan Tokyo, May 27 (Jiji Press)--Seven & i Holdings Co. shareholders on Tuesday approved a new board of directors led by President and CEO Stephen Hayes Dacus and Chairman Junro Ito, a member of the Japanese retailer's founding family. The company has been in talks with Canadian convenience store operator Alimentation Couche-Tard on its proposal to acquire Seven & i, while exploring ways to boost its corporate value on its own. The Dacus-led team has challenges of crafting and executing a growth strategy centered on Seven & i's convenience store business in Japan and the United States. Dacus told shareholders in a meeting in Tokyo that Seven & i will grow faster in the coming decade. He succeeded Ryuichi Isaka, who led the company for nine years. Seven & i has now four new outside directors, including Takashi Sawada, former president of Japanese convenience store chain FamilyMart Co. [Copyright The Jiji Press, Ltd.]
01-05-2025
- Business
U.S. Proxy Advisers Support Seven & i Proposals
Newsfrom Japan Tokyo, May 1 (Jiji Press)--Two U.S. proxy advisory companies support proposals that Seven & i Holdings Co. plans to put forward at a shareholders' meeting on May 27, people familiar with the matter said Thursday. Glass Lewis & Co. and Institutional Shareholder Services Inc. recommended that institutional investors vote in favor of all proposals from the Japanese retailer, including its slate of director nominees. Seven & i plans to appoint outside director Stephen Hayes Dacus as its next president and CEO, and Junro Ito, a member of its founding family, as executive chairman. The company also plans to name Takashi Sawada, former president of Seven & i rival FamilyMart Co., as an outside director. Glass Lewis and ISS said that there is no serious problem with the director candidates. [Copyright The Jiji Press, Ltd.]
Nikkei Asia
30-04-2025
- Business
- Nikkei Asia
7-Eleven parent's leadership picks backed by US proxy adviser
TOKYO -- U.S. proxy adviser Institutional Shareholder Service has endorsed Seven & i Holdings' new leadership appointments, including Stephen Hayes Dacus as CEO and Vice President Junro Ito as chairman. With no competing proposals ahead of the 7-Eleven parent's general shareholders meeting in late May, the ISS endorsement is seen as a boost for the leadership team, which seeks to keep the company independent in the face of a buyout proposal by Canadian retailer Alimentation Couche-Tard.
Wall Street Journal
04-03-2025
- Business
- Wall Street Journal
Founding Family of 7-Eleven Chain Says Buyout Proposal Scrapped
TOKYO—Seven & i Holdings' 3382 -6.88%decrease; red down pointing triangle founding family said it decided to pull its proposal to privatize the Japanese owner of the 7-Eleven convenience-store chain as it found it difficult to secure enough financing in a short time. 'Given that Seven & i is in a situation where it is required to make swift management decisions and implement them to respond to the environment surrounding the company and the challenges it faces, the founding family has decided to withdraw the proposal to take the company private,' Junro Ito, a top Seven & i executive and son of the founder of the Japanese retail giant, and Ito-Kogyo, the family's asset-management company, said in a statement.
CNN
27-02-2025
- Business
- CNN
7-Eleven owner says founding family unable to secure massive funding for buyout
Japan's Seven & I Holdings said on Thursday its founding Ito family could not secure the financing required for a $58 billion management buyout, and it would consider a rival offer from Canada's Alimentation Couche-Tard. 'There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for 7&i to consider at this time,' the company said in a statement. '7&i remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal from Alimentation Couche-Tard.' Itochu, a major Japanese trading house, said in a statement it had ended its consideration of participating in the Seven & I founding family's buyout proposal. The failure of the management buyout heightens the likelihood of Couche-Tard pulling off a mammoth acquisition of one of Japan's best-known and most beloved retailers, which owns 7-Eleven convenience stores. Couche-Tard reiterated that it was committed to reaching a mutually agreeable transaction with Seven & i. Seven & i sank more than 12% in Tokyo trading, poised for the biggest daily plunge since it listed as a holding company in 2005. Itochu shares surged as much as 6.8%. Circle K convenience store owner Couche-Tard's $47 billion bid for Seven & I is one of the most prominent examples of the surge in international interest in Japanese assets in recent years. An exit from deflation and deepening corporate governance reforms have drawn more investors to a market once seen as all but untouchable for foreigners. After receiving a takeover bid from Couche-Tard last year, Seven & I's founding family had begun talks to take the convenience store owner private in what would have been the largest management buyout in history if successful. Couche-Tard had offered $38.5 billion, but raised it to $47 billion after Seven & I rejected the initial bid.
