(Reuters) – Artisan Partners, an American investor in Seven & I Holdings, opposed the CEO of the CEO of the Japanese retailer on Sunday and urged the company to reconsider a buyout offer, according to a letter to the board of directors.
Last week, the operator of the 7-Eleven convenience store appointed Stephen Dacus as CEO to carry out his recovery and respond to a buy-in offer of $ 47 billion in Canada Pout-Tardo.
In the letter, Artisan Partners opposed the selection of Dacus and urged seven & i to engage with a knockout about his repurchase to maximize the value of the shareholders.
A Couche-Tard did not immediately respond to a request for comments from Reuters, while seven and I were not immediately available for comments outside the opening hours.
The Special Committee and the DACU rejected the $ 18.19 per action offer per share, which was at the time a bonus of almost a third of the current course of action. However, the actions of the company closed $ 14.18 on Friday in Tokyo, or about 22% below the last-tard chess offer.
The activist investor said that he would vote against Dacus at the company’s next annual general meeting, as well as against other members of the appointment committee.
Artisan Partners said that he would also vote against seven & i vice-president Junro Ito at the annual general meeting, citing his inability to guarantee funding for a management repurchase of $ 58 billion last month.
The ITO family began talks to take the owner of the private convenience store in what would have been the biggest management of history in the event of success after seven and I received the Talow-Tard offer last year.
Artisan is one of the foreign investors of Seven & I who have urged the company to focus on its company of basic convenience stores.
(Report by Harshita Meenaktshi in Bengaluru; edition by Lisa Shumaker)
