INTERVIEW: Seven & i to Avoid Takeover Bids with Growth

Tokyo, April 25 (Jiji Press)--Incoming Seven & i Holdings Co. President Stephen Hayes Dacus emphasized in a recent interview the importance of expanding the Japanese retail giant's operations in order to avoid being targeted by acquisition bids.

"If we can't grow sales and profits, we will receive acquisition proposals one after another," Dacus, who is set to become president next month, said. "If we can grow our company continuously, we won't be a target."

The remarks came amid a flurry of hostile takeover bids being carried out in Japan.

Seven & i has received a buyout offer from Canadian convenience store operator Alimentation Couche-Tard Inc. The Japanese retailer has told Couche-Tard of possible issues that could arise from the acquisition, and discussions are still ongoing.

At the same time, Seven & i has launched a series of measures aimed at boosting its corporate value by itself, such as spinning off noncore operations.

[Copyright The Jiji Press, Ltd.]