Seven & i Buyout Collapse Opens Door for Couche-Tard Talks [BNN Bloomberg (Canada)]
ITOCHU CORP UNSP/ADR (ITOCY)
NASDAQ:AMEX Investor Relations:
itochu.co.jp/en/ir/index.html
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Source: BNN Bloomberg
The buyout group, which included the founding Ito family and Itochu Corp., was unable to arrange the financing required to submit a definitive proposal for what would have been the biggest ever acquisition in Japan, Seven & i said in a statement Thursday. Seven & i shares dropped as much as 12.5% in Tokyo trading on Thursday, slicing the company's market value to around $38 billion. Itochu gained as much as 6.8%. The buyout plan was initially put together in November to fend off Couche-Tard, which has proposed to acquire the Japanese retailer at a valuation closer to $47 billion. With the management buyout off the table, Seven & i Chief Executive Officer Ryuichi Isaka may have little choice but to finally enter negotiations with Couche-Tard. Negotiations within the buyout consortium had also stalled over disagreements on who would control the 7-Eleven operator after it's taken private, Bloomberg News reported Wednesday. “I have felt the MBO proposal by the founding family was
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