Investing.com– Shares of Seven & i Holdings Co., Ltd. (TYO:3382) rose in Tokyo trade on Wednesday following a Japanese media report that investment firm KKR was considering an investment in the 7-Eleven owner’s supermarkets unit.
Seven & i rose as much as 2.2% to 2,606.5 yen, before trimming some gains.
Japanese public broadcaster NHK reported that KKR & Co (NYSE:KKR) is considering an investment in York Holdings, a holding company for Seven & i’s supermarkets and restaurants businesses.
Other local media reports said Sumitomo Corp. (TYO:8053) is also interested in the unit, as is Fortress Investment Group. Bidding for the unit is expected to close on November 28.
Seven & i shares are trading up over 37% so far in 2024, as the company courted increased investor interest in recent months, especially following an unsolicited takeover approach from Canada’s Alimentation Couche Tard Inc (TSX:ATD).
While the company had initially rejected the offer, Couche-tard remained persistent in its pursuit of the firm, sparking speculation over a potential hostile takeover.
Seven & i’s founding Ito family also recently said it plans to take the retail giant private in a $58 billion buyout- the biggest ever in Japanese markets.
