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Home » Shareholder Pushes Seven & i to Engage With Couche-Tard
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Shareholder Pushes Seven & i to Engage With Couche-Tard

adminBy adminJuly 1, 2007No Comments4 Mins Read
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(Bloomberg) — Seven & i Holdings Co. said it’s engaging with Alimentation Couche-Tard Inc. on ways to ease antitrust concerns over a potential combination of the retailers while denying conflict-of-interest allegations raised by a major shareholder.

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Couche-Tard, the Canadian convenience store and gas station operator that owns the Circle K brand, proposed last year to purchase Seven & i for $18.19 per share, but hasn’t been able to enter negotiations with the Japanese company.

The operator of 7-Eleven stores has been fending off the $47.5 billion buyout approach by pursuing an overhaul of the company to unlock shareholder value. It announced last week sweeping changes, including board director Stephen Dacus taking over as chief executive officer, the sale of its superstore business for $5.4 billion, a share buyback program worth ¥2 trillion ($13.5 billion) and a listing of its US business.

“The Board has taken several decisions that leave significant unanswered questions,” Artisan portfolio managers N. David Samra and Benjamin L. Herrick wrote in a letter to Seven & i’s board on Sunday. “Those questions revolve around potential conflicts of interest and failure to pursue the path that offers the best future for the company and maximizes value.”

The money manager owns stakes of roughly 1% in both the company and Couche-Tard, according to data compiled by Bloomberg.

Artisan Partners Asset Management Inc., which has for months been urging negotiations between the two parties, said there are “serious questions” about Dacus’ role as chairman of the special committee overseeing Couche-Tard’s bid, and as he served on the nomination committee “while his own role at the company was under consideration.”

“Minimum” corporate governance standards would have demanded that Dacus resign from both of these committees, the investor said.

Dacus was chosen through a search process that began in 2023, Seven & i responded in a letter issued Monday. He removed himself from nomination committee deliberations once it became clear in December that he was a candidate for the top job to avoid any conflicts of interest, the company said.

“Shareholders can have no confidence that the special committee has run, nor continues to run, a thorough evaluation process,” said Artisan Partners, adding that the firm is likely to vote against Dacus and other board members at the next annual general meeting, depending on Seven & i’s answers.

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The Japanese and Canadian retailers said in separate statements last week that they were working together on a potential divestiture of US stores to overcome antitrust hurdles, if a takeover becomes the best option.

Seven & i proposed several steps to address any regulatory hurdles, to be agreed upon before any potential deal, it said in Monday’s letter. Those include finding a buyer for all of Couche-Tard’s Circle K stores in the US.

Seven & i said it was “pleased” that Couche-Tard has agreed to consider such steps and, adding that financial advisers from both companies are working to contact potential buyers.

Investors have yet to be convinced, with Seven & i’s stock price trading more than 20% below Couche-Tard’s offer. Artisan said that “given the company’s poor performance in North America, we as shareholders again encourage the special committee to fully and meaningfully engage with Couche-Tard, a company with a proven track record of operating excellence.”

Bloomberg News reported that Couche-Tard has yet to sign a non-disclosure agreement that would give the Canadian company access to detailed financial information that its board believes is necessary to make a formal binding offer, a common step in such negotiations.

Couche-Tard executives, including founder and chairman Alain Bouchard, will visit Tokyo this week to try and advance discussions with Seven & i, and are also planning to hold a news conference on March 13 to publicly present their case for buying the company.

(Updates with Seven & i response. An earlier version corrected Artisan Partner’s holdings in Couche-Tard.)

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