Investing.com-- Shares of Seven&i Holdings Co., Ltd. (TYO:3382) rose sharply to a record high on Wednesday after a local media report that the founding family behind the Japanese retailer was planning to take it private within the current financial year.
Shares rose nearly 10% to 2,671.0 yen by 20:00 ET (01:00 GMT) in Tokyo trade.
Japan’s public broadcaster NHK reported on Tuesday that Seven&i’s founding Ito family plans to raise over $51.7 billion to take the company private, and was in talks with major Japanese and U.S. lenders over funding options.
Seven&i had last week said it received a buyout proposal from the Ito family, which came as the retailer navigates an unsolicited takeover approach from Canada’s Alimentation Couche-Tard.
The Ito family plans to take the retailer private within the fiscal year ending March 2025. Going private could also help Seven&i quell shareholder calls to provide more value, likely by selling off some of its assets.
Seven&i’s shares are trading up over 50% since August, when reports of the Couche-Tard bid and potential privatization had begun trickling in.
This content was originally published on Investing.com
