Seven & i Holdings says will oppose board proposal by ValueAct Capital

TOKYO (Reuters) – Japanese retailer Seven & i Holdings Co said on Tuesday it will oppose a board proposal by activist investor ValueAct Capital.

ValueAct, which owns a 4.4% stake in Seven & i, is calling for a spin-off of its 7-Eleven convenience store chain and is seeking to replace four of the 14 board members at the annual meeting.

But none of those nominees have experience in significant business transformations, the Japanese firm said in a statement.

Meanwhile, Seven & i’s board has agreed to reappoint 13 directors including current President and Representative Director Ryuichi Isaka, the company said.

The U.S. hedge fund has been invested in Seven & i and making proposals since 2021.

(Reporting by Mariko Katsumura; Editing by Kim Coghill)