Japan – More on Seven & i – no actionable proposal at this time

Seven & i confirm earlier reports:

• Learned from Junro Ito, vice president and a representative director of 7&i, and Ito-Kogyo Co., Ltd. that they have been unable to secure the financing required to submit a definitive proposal to acquire 7&i.
• 7&i remains committed to exploring all opportunities to unlock value for shareholders and continues to assess a full range of strategic alternatives, including the proposal from Alimentation Couche-Tard.
• The special committee is engaging constructively with ACT to determine if an actionable proposal can be achieved that addresses the serious U.S. antitrust challenges that any such transaction would face.
• There is no actionable proposal from Mr. Junro Ito and Ito-Kogyo for 7&i to consider at this time.

Earlier, via a report in Japanese media:

• Japan – Seven & i to give up management buyout after Itochu withdraws

This article was written by Eamonn Sheridan at www.forexlive.com.