Japanese retail giant Seven & i Holdings is considering a name change as part of corporate realignment plans. This comes amid a takeover offer from a major Canadian convenience store operator.
Seven & i is trying to boost efficiency and corporate value in the face of the bid from Alimentation Couche-Tard.
The firm said on Wednesday it had received a new proposal from the Canadian company. The offer is said to be about 47.2 billion dollars, 20 percent higher than the previous bid.
Sources say Seven & i plans to set up an intermediate holding company for its non-convenience store operations. This will include Ito-Yokado supermarkets, which are the group’s original business.
The firm will then select partners and sell some of its shares so it can focus on the operation of the convenience store side.
Seven & i is expected to make details of the realignment plan public on Thursday.