TOKYO, Oct 24 (Reuters) - Japan's Seven & i ( SVNDF )

will be looking to convince shareholders it can deliver

long-term growth on its own when it speaks to them on Thursday,

after announcing a sweeping break-up plan designed to ward off a

$47 billion takeover offer.

The 7-Eleven owner is due to hold an "investor day" briefing

with analysts and investors and will take questions on its

global and domestic convenience store businesses.

Seven & i ( SVNDF ) is fighting to stay independent after Canada's

Alimentation Couche-Tard ( ANCTF ) announced a preliminary bid in

August. The owner of Circle-K convenience stores has since hiked

its offer by 22% to around $47 billion, sources have said. If it

goes through, the deal would be the largest-ever overseas buyout

of a Japanese firm.

While the Japanese 7-Eleven convenience stores are a

money-spinner, Seven & i ( SVNDF ) has been hobbled by poor performance at

its supermarkets, including Ito Yokado stores which are a

crucial part of the holding company it formed decades ago. Some

foreign shareholders have long called for a break-up of the

business.

Seven & i ( SVNDF ) has said it is "confident" it can unlock

shareholder value itself. Under the restructuring announced this

month, it aims to split off the supermarket operation and some

30 other "non-core" units into a holding company. Market

reception so far has been underwhelming, with shares moving

little since Seven & i ( SVNDF ) detailed its plan.

One investor, U.S. fund Artisan Partners, has said the plan

is "too little, too late" and has urged Seven & i ( SVNDF ) to engage with

Couche-Tard.

"The Couche-Tard offer amplifies the fact that investors may

want to be able to cash out of their 7-Eleven shares now instead

of banking on an uncertain time frame to see value surface,"

said Lorraine Tan, director of equity research for Asia at

Morningstar.

"While 7-Eleven's plan to spin-off non-core businesses is

helpful, this initial step doesn't move the needle much."

Tan said she would be watching to see how 7-Eleven plans to

lower its so-called "SGA" expenses, those related to selling,

general and administrative parts of the business. That is

particularly a focus point for its U.S. operation, she said.

While 7-Eleven stores are highly profitable in Japan, that's

not true overseas. In Japan, the operating margin is 27%, far

above the 3.5% of 7-Eleven stores elsewhere.

Of 7-Eleven's 85,000 stores worldwide, some 21,000 are in

Japan, most of them franchises. Although originally an import

before the Japanese company bought out the U.S. firm, 7-Eleven

stores have become something of a cultural touchstone in Japan,

known for a ready supply of fresh food and everything from

toothpaste to socks.

Analysts have said that much of the success of the

restructuring plan will hinge on 7-Eleven's ability to roll out

a new store format at home, cut costs and bolster margins

overseas.

So far, it has announced plans to close some 444

underperforming stores overseas. It is also beefing up fresh

food offerings in the United States.