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Japan's Seven & i announces restructuring, new CEO to fend off $47 billion takeover bid

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Seven & i Holdings, the Japanese operator of the 7-Eleven convenience store chain, appointed its first foreign CEO and handed him the task of overhauling its business to fend off a $47 billion overseas takeover bid and engineer a recovery.
Japan's Seven & i Holdings, the parent company of 7-Eleven, has announced a significant corporate restructuring and a change in leadership to counter a $47 billion takeover bid from ValueAct Capital. The company plans to focus on its core convenience store operations, potentially divesting from other business segments like its department store chain, Sogo & Seibu, and its superstore operations. This strategic shift aims to streamline operations and enhance shareholder value. Additionally, Seven & i has appointed Ryuichi Isaka as the new CEO, replacing the current president, to lead this transformation. The moves come in response to ValueAct's push for a breakup of the conglomerate, highlighting the conglomerate's underperformance and the need for a more focused business model.

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[ https://www.msn.com/en-us/money/companies/japan-s-seven-i-announces-restructuring-new-ceo-to-fend-off-47-billion-takeover-bid/ar-AA1Amjan ]