TOKYO, Mar 6 (V7N) — Seven & i Holdings, the Japanese parent company of 7-Eleven, has announced a series of strategic moves to fend off a takeover attempt by Canadian rival Alimentation Couche-Tard (ACT). The measures include a substantial $13.2 billion share buyback and the planned initial public offering (IPO) of its US 7-Eleven unit.

This announcement follows Seven & i's previous rejection of ACT's nearly $40 billion takeover offer. The company also announced the appointment of Stephen Hayes Dacus as its first foreign chief executive.

"We're convinced that now is the time to take our initiatives to the next level, and our leadership will further pursue the improvement of shareholder values and implement transformative policies," outgoing company president Ryuichi Isaka stated.

The company plans to list its North American 7-Eleven business (SEI) on a major US stock exchange by the second half of 2026. Proceeds from the IPO, along with other restructuring efforts, will fund the two trillion yen ($13.2 billion) share buyback.

News of these measures led to a surge in Seven & i's stock price, which closed up 6.5 percent.

Additionally, Seven & i announced the sale of its non-convenience store businesses, including supermarkets and restaurants, to US private investment firm Bain Capital.

ACT's proposed takeover would have created a global convenience store giant, merging 7-Eleven with Circle K and other franchises. Reports indicate that Seven & i's special committee has formally rejected ACT's increased offer, reportedly around $47 billion.

Seven & i's strategic moves are seen as an effort to boost its own valuation and remain independent.

7-Eleven, despite its origins in the United States, has been wholly owned by Seven & i since 2005 and is a major retail presence in Japan.

ACT, which began in Canada, operates nearly 17,000 convenience stores worldwide. The IPO of 7-Eleven Inc. is expected to raise over one trillion yen ($6.7 billion), according to the Nikkei, and will serve as a platform for Seven & i's global expansion.