TOKYO (Reuters) - Japanese retailer Seven & i Holdings Co said on Tuesday it will oppose a board proposal by activist investor ValueAct Capital.
TOKYO (Reuters) – Japanese retailer Seven & i Holdings Co said on Tuesday it will oppose a board proposal by activist investor ValueAct Capital.
ValueAct, which owns a 4.4% stake in Seven & i, is calling for a spin-off of its 7-Eleven convenience store chain and is seeking to replace four of the 14 board members at the annual meeting.
But none of those nominees have experience in significant business transformations, the Japanese firm said in a statement.
Meanwhile, Seven & i’s board has agreed to reappoint 13 directors including current President and Representative Director Ryuichi Isaka, the company said.
The U.S. hedge fund has been invested in Seven & i and making proposals since 2021.
(Reporting by Mariko Katsumura; Editing by Kim Coghill)
Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: