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International Business Times

Business

7-Eleven Owner Seeks To Fend Off Takeover With Buyback, US IPO

United States IPO Act Seven i 7Eleven Japan Circle K

Seven & i operates some 85,000 convenience stores worldwide (Credit: AFP)

The Japanese owner of 7-Eleven announced on Thursday a raft of new measures to fend off a takeover by a Canadian rival, including a huge share buyback and an IPO of its US unit.

The announcements are the latest twist in a saga that began last year, when Seven & i rebuffed a takeover offer worth nearly $40 billion from Canada's Alimentation Couche-Tard (ACT).

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