Some major shareholders of Seven & i Holdings are considering submitting proposals at the company’s annual meeting to pressure Japan’s largest convenience store chain to split, the Financial Times reported on Tuesday.
The Japanese owner of the 7-Eleven convenience store chain has been under pressure to consider changes from investors including ValueAct Capital, which has said that the sum of its parts is worth much more than its current market value.
Three shareholders, which includes Wisconsin-based asset manager Artisan Partners, have previously told Seven & i that they believe a major restructuring is necessary, the FT said, citing people familiar with the matter.
Two of them told the FT that they had specifically asked the company to consider a split within the past few months and were considering making formal proposals for change at the annual meeting in May or June.
Seven & i Holdings said in a statement to Reuters that it would refrain from commenting on individual shareholders’ cases. “Not limited to this case, we will continue to engage in dialogue with our shareholders,” it said.
- Reporting by Makiko Yamazaki and Rocky Swift; Editing by Shailesh Kuber, of Reuters.