TOKYO, Oct 10 (Reuters) - Japan's Seven & i Holdings ( SVNDF )
will set up a holding company for its non-core assets
to bring in outside investment and is planning to change its
name, the retailer said on Thursday.
The announcement marks an acceleration in its plans to boost
corporate value and focus on its core convenience store business
in part to resist a takeover bid by Canada's Alimentation
Couche-Tard ( ANCTF ) .
The operator of 7-Eleven convenience stores - numbering over
80,000 worldwide - has been under pressure from investors to
divest from its large portfolio of peripheral businesses.
The new company would contain a total of 31 subsidiaries,
including the group's superstores business, general goods store
Loft, baby goods store Akachan Honpo and the operating company
of Denny's restaurants in Japan, Seven & i's ( SVNDF ) presentation said.
ACT has upped the ante following its initial bid in August
with a revised offer that values Seven & i ( SVNDF ) at $47 billion, or
22% above its initial offer, two sources said on Wednesday.
(Reporting by Anton Bridge; Editing by Christian Schmollinger
and Muralikumar Anantharaman)