Artisan Partners Asset Management, an investor in Seven & i Holdings, has pressured the company to provide an update on the takeover bid from Alimentation Couche-Tard (ACT) by 19 September 2024.
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Artisan portfolio manager N David Samra and associate portfolio manager Benjamin Herrick stated: “ACT is uniquely positioned to enhance (Seven & i’s) corporate value.
“Negotiating with ACT is the best tactic to preserve positive stakeholder outcomes in Japan. It is imperative that the board of directors negotiates with ACT immediately to achieve the best possible outcome for shareholders.”
The investors, who own more than 1% of Seven & i’s shares, have also expressed concerns about potential government interference, which they believe would contradict recent efforts to boost mergers and acquisition activity in Japan.
They argue that such intervention could undermine the progress that has led to historic highs in the Japanese equity markets.
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By GlobalData“We request the company brief shareholders on the status of the takeover negotiations by 19 September 2024, one month from the initial media release. The outcome of this process has potentially historic implications. Management and the board of directors will be held accountable by shareholders. Given the company’s poor track record of value creation, we encourage you to take this opportunity to prioritise shareholders,” the managers added.
