TOKYO (Reuters) -Shares of Japan’s Seven & i tumbled as much as 12% on Tuesday,following a report the 7-Eleven owner plans to reject a $47 billion takeover offer from Canada’s Alimentation Couche-Tard, a move that would keep the iconic retailer in Japanese hands.
The shares were down 8% at 2,023 yen in afternoon trade in Tokyo having earlier declined as much as 12%, touching their lowest in a little more than six months.
The Yomiuri newspaper reported on Tuesday that Seven & i planned to reject the takeover offer from Circle-K owner Couche-Tard and instead seek to enhance corporate value on its own.
The retailing giant is finalising a plan for CEO Ryuichi Isaka to step down with his replacement almost certain to be director Stephen Dacus, Reuters has reported.
Dacus heads a special committee to evaluate the takeover bid from Couche-Tard and a take-private deal from Seven & i’s founding family that recently collapsed.
(Reporting by Sam Nussey and David Dolan; Editing by Sandra Maler and Christopher Cushing)
