Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 10 March, <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> issued a release "<a href="https://corporate.couche-tard.com/2025-03-10-ALIMENTATION-COUCHE-TARD-PROVIDES-UPDATE-ON-PROPOSAL-FOR-A-COMBINATION-WITH-SEVEN-i" target="_blank" rel="noopener">UPDATE ON PROPOSAL FOR A COMBINATION WITH SEVEN &amp; i</a>".</li>
<li>They felt obliged to be transparent in the wake of the 7&amp;i <a href="https://www.7andi.com/library/dbps_data/_material_/localhost/en/release_pdf/2025_0310_02en.pdf" target="_blank" rel="noopener">Letter To Shareholders</a> released yesterday. The content/nuance of the two letters differ significantly. </li>
<li>Two parties competing to get a truth which cannot be both could be problematic. We are still many months away from any kind of ACT/7-11 deal.</li>
</ul>


On 10 March, Alimentation Couche-Tard (ATD CN) issued a release "UPDATE ON PROPOSAL FOR A COMBINATION WITH SEVEN &amp; i".
They felt obliged to be transparent in the wake of the 7&amp;i Letter To Shareholders released yesterday. The content/nuance of the two letters differ significantly. 
Two parties competing to get a truth which cannot be both could be problematic. We are still many months away from any kind of ACT/7-11 deal.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> Board has released a public letter to address <a href="https://www.globenewswire.com/news-release/2025/03/09/3039396/0/en/Artisan-Partners-International-Value-Group-Sends-Letter-to-the-Board-of-Seven-i.html" target="_blank" rel="noopener">Artisan Partners’ letter</a> and provide more details on the <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> constructive engagement. </li>
<li>The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. </li>
<li>However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. </li>
</ul>


The Seven &amp; I Holdings (3382 JP) Board has released a public letter to address Artisan Partners’ letter and provide more details on the Alimentation Couche-Tard (ATD CN) constructive engagement. 
The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. 
However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. 


Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

<ul>
<li>On Thursday 6 March we got a Nikkei article then a company announcement for <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>'s proposed management measures and update on ACT Bid Process.  </li>
<li>It involved Isaka-san stepping down, Stephen Dacus stepping up, selling York to Bain for ¥814.7bn, IPOing 7-Eleven US, a ¥2trln share buyback over 5yrs, and ACT process update. </li>
<li>It was OK. Good, bad, and ugly. But Artisan wrote a letter over the weekend and 7&amp;i responded and suddenly, their concerns are mostly addressed and the outlook is different.</li>
</ul>


On Thursday 6 March we got a Nikkei article then a company announcement for Seven &amp; I Holdings (3382 JP)'s proposed management measures and update on ACT Bid Process.  
It involved Isaka-san stepping down, Stephen Dacus stepping up, selling York to Bain for ¥814.7bn, IPOing 7-Eleven US, a ¥2trln share buyback over 5yrs, and ACT process update. 
It was OK. Good, bad, and ugly. But Artisan wrote a letter over the weekend and 7&amp;i responded and suddenly, their concerns are mostly addressed and the outlook is different.


7&I (3382) - Artisan Writes (Again) And 7&I Updates (Again) - More Positive Outlook Now

David Blennerhassett

<ul>
<li>I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week:<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/snt-corp" target="_blank" data-smartkarma-citation="entities:3651:1" rel="noopener">Snt Corp (6319 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-mall-co-ltd" target="_blank" data-smartkarma-citation="entities:5262:1" rel="noopener">AEON Mall (8905 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, and <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>.</li>
</ul>


I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week:Soundwill Holdings (878 HK), Oneconnect Financial Technology (6638 HK), Snt Corp (6319 JP), Aeon Delight (9787 JP), and AEON Mall (8905 JP).
Key updates/news took place on: Insignia Financial (IFL AU), Seven &amp; I Holdings (3382 JP), Sun Art Retail (6808 HK), and Macromill, Inc (3978 JP).


(Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>If indeed the company proceeds with 2 trillion yen buyback over five years, this would represent buyback of about 7.3% of its shares per year (37% of market cap). </li>
<li>Seven &amp; I Holdings' plans to massively buyback shares and IPO its North American CVS business are major catalysts that should have positive impact both near and long term. </li>
<li>Certainly, the company's action plan to sell its non-core assets (including supermarket, restaurant, and specialty stores) to Bain Capital for $5.5 billion is a step in the right direction.</li>
</ul>


If indeed the company proceeds with 2 trillion yen buyback over five years, this would represent buyback of about 7.3% of its shares per year (37% of market cap). 
Seven &amp; I Holdings' plans to massively buyback shares and IPO its North American CVS business are major catalysts that should have positive impact both near and long term. 
Certainly, the company's action plan to sell its non-core assets (including supermarket, restaurant, and specialty stores) to Bain Capital for $5.5 billion is a step in the right direction.


Seven & I Holdings: Mega Share Buyback Plan and IPO of North American CVS Unit to Boost Share Price

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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Seven & I Holdings (3382 JP)

7&I (3382) Update - Couche-Tard Responds

7&i said something about negotiations with ACT to "clarify" facts. That was yesterday. Overnight, ACT came out different facts. Alternate facts....

Travis Lundy