Additional shareholders in Seven & i Holdings are pushing the company to spin off its 7-Eleven convenience store chain and want new directors on the board as investor frustration with its conglomerate structure intensifies.
NEW YORK/TOKYO, April 5 - Additional shareholders in Seven & i Holdings
"We think the company should spin off 7-Eleven and that this could help close the valuation discount," Artisan Partners Associate Portfolio Manager Ben Herrick told Reuters. "ValueAct has made proposals and asked questions that shareholders deserve answers to," Herrick said. Last month, Seven & i announced the results of a strategic review and said it would close an additional 14 Ito-Yokado supermarket stores in Japan and would fully exit its apparel business. Its shares have fallen more than 10% since the announcement.
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