ValueAct Looks to Seven & I Board Vote After ‘Vague’ Response

Activist fund ValueAct Capital Management LPsaid it’s looking forward to the opportunity to vote for new directors of Seven & i Holdings Co. after what it called a disappointing response from the retailer Thursday.

The operator of 7-Eleven stores didn’t answer any of the fund’s questions in a clear and specific way, and its communications continue to be “vague and confusing,” ValueAct wrote in an e-mailed statement Friday. The company’s “consistent refusal” to address investor dissatisfaction about its conglomerate structure “doesn’t inspire confidence in the company’s governance and leadership,” it added.

ValueAct comments follow a commitment by Seven & ...