SVNDY - ValueAct urges Seven & I holders to support 7-Eleven spinoff - report
- Activist investor ValueAct is pushing Seven & I ( OTCPK:SVNDY ) holders to back a spin-off of the company's 7-Eleven convenience store chain. Seven & I ADRs rose 1.2%.
- ValueAct, which has a 4.4% stake in Japan's Seven & I ( OTCPK:SVNDY ), wants holders to to express to the board that the convenience store unit should be spun out, according to a Reuters report , which cited a letter ValueAct sent to holders. ValueAct believes a tax-free spin-off of 7-Eleven could be done through a listing on the Tokyo Stock Exchange in about a year.
- Seven & I ( OTCPK:SVNDY ) is currently undergoing a strategic review and expects to announce its decision by early March, according to Reuters.
- Reuters reported in May 2021 that ValueAct had amassed a $1.5 billion stake in Seven & I ( OTCPK:SVNDY ) and was pushing the company to pursue changes, including a potential break up.
- Also see SA contributor Another Mountain's Rock Investing piece from August entitled "Seven & i Vs. Kroger: Complimentary Leader/Laggard Dynamics."
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ValueAct urges Seven & I holders to support 7-Eleven spinoff - report