Seven & I Shares Rise as Artisan Partners Urges Consideration of Buyout Offer

By Megumi Fujikawa

TOKYO--Shares of​ ​Seven & i Holdings rose nearly 3% on Monday after its U.S. shareholder, ​Artisan Partners, urged the company to seriously consider an acquisition proposal made by ​Alimentation Couche-Tard​.

In a letter to Seven & i​ dated Friday, Artisan Partners ​said "it is imperative that the board of directors negotiate with ​[​Alimentation Couche-Tard] immediately to achieve the best possible outcome for shareholders.​"

Shares of the Japanese owner of 7-Eleven convenience stores hit an intraday high of 2185.0 yen, the equivalent of $14.95, Monday afternoon before closing 2.8% higher at 2156.5 yen.

Artisan Partners asked Seven & i to brief its shareholders on the status of the takeover negotiations by Sept. 19. It has a 1.15% stake in Seven & i, according to Factset.

Seven & i has said it set up a special committee to examine the offer but hasn't decided whether it would open talks with the Canadian owner of Circle K.

Some analysts say Artisan Partners' letter lacks concrete advice.

"It is basically a letter airing its frustration," Travis Lundy of Quiddity Advisors, who publishes on Smartkarma, said in a note.

It offers no ideas about value or business analysis, and doesn't have any suggestions about how to get more value out of the situation, Lundy said.

Lundy said he would remain long on Seven & i shares and buy on dips.

Write to Megumi Fujikawa at megumi.fujikawa@wsj.com

(END) Dow Jones Newswires

September 02, 2024 02:34 ET (06:34 GMT)

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