Seven & i Holdings Co. will sell an underperforming retail business, replace its chief executive and buy back shares to strengthen its case for repelling a $47.5 billion takeover proposal by Alimentation Couche-Tard Inc.
Stephen Dacus, the director leading the board committee evaluating the Canadian retailer’s approach, will take over from Ryuichi Isaka as CEO, Seven & i said in a statement Thursday. The company, which pledged to buy back shares worth ¥2 trillion ($13.6 billion) over the next few years, also plans to list its US business and cut its holdings in a banking unit.
Stephen Dacus at a new conference on March ６.
Photographer: Kiyoshi Ota/Bloomberg
The fusillade ...
