An investor in Seven & I Holdings has called on the company to contact suitor Alimentation Couche-Tard and provide an update on the takeover bid by next month, citing the Japanese 7-Eleven operator’s “poor track record” in creating shareholder value.
U.S. asset manager Artisan Partners has asked Seven & I to update shareholders on the status of takeover negotiations by Sept. 19 in a letter sent to its board on Friday, warning that the company will be “held accountable” if it does not enter into negotiations. Artisan portfolio managers David Samra and Ben Herrick cited the “historic implications” of a bid that could be the largest takeover of a Japanese company by a foreign bidder.
Couche-Tard was “uniquely positioned” to enhance shareholder value and negotiating with the company would be “the best tactic to preserve positive outcomes for stakeholders in Japan,” Samra and Herrick said in the letter.
