Japan’s Seven & i to set up holding company for non-core assets By Reuters

TOKYO (Reuters) – Japan’s Seven & i Holdings will set up a holding company for its non-core assets to bring in outside investment, the retailer said in a filing on Thursday.

The announcement marks an acceleration of its plans to increase corporate value, in part, to resist a takeover bid by Canada’s Alimentation Couche-Tard (ACT).

ACT upped the offer after its initial offer in August with a revised bid valuing Seven&i at $47 billion, or 22 percent above its initial offer, two sources said on Wednesday.