Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<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> is currently "in limbo" as the initial <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> ("ACT") has been rejected, some news is out, and we await earnings/presentations.</li>
<li>The news last week was that 7&amp;i might sell down a stake in <a href="https://www.smartkarma.com/entities/seven-bank-ltd" target="_blank" data-smartkarma-citation="entities:16063:1" rel="noopener">Seven Bank Ltd (8410 JP)</a> and could sell its retail/superstore business to PE rather than an IPO.</li>
<li>Both selldowns mean the focus on CVS everyone seems to want. That's good news. And the shares are trading at/below ACT terms which "grossly undervalued" the company. Bullish. </li>
</ul>



Seven &amp; I Holdings (3382 JP) is currently "in limbo" as the initial Alimentation Couche-Tard (ATD CN) ("ACT") has been rejected, some news is out, and we await earnings/presentations.
The news last week was that 7&amp;i might sell down a stake in Seven Bank Ltd (8410 JP) and could sell its retail/superstore business to PE rather than an IPO.
Both selldowns mean the focus on CVS everyone seems to want. That's good news. And the shares are trading at/below ACT terms which "grossly undervalued" the company. Bullish. 


7&I (3382) - Asset Sale News Designed to Get Shareholder Attention to Future Value

David Blennerhassett

<ul>
<li>Stay long <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> and buy more, or get long. <a href="https://www.smartkarma.com/entities/ctbc-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:436:1" rel="noopener">CTBC Financial Holding (2891 TT)</a> may make a better run at it, and may even bump.</li>
<li>It's a hard to be bearish <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.</li>
<li>
<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> saw breathless news articles suggesting a foreign takeover became more difficult. Not really.</li>
</ul>


Stay long Shin Kong Financial Holding (2888 TT) and buy more, or get long. CTBC Financial Holding (2891 TT) may make a better run at it, and may even bump.
It's a hard to be bearish Swire Pacific (A) (19 HK) at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.

Seven &amp; I Holdings (3382 JP) saw breathless news articles suggesting a foreign takeover became more difficult. Not really.


Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

<ul>
<li>Today, part-way through the day, the Nikkei ran an article saying that <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> had made a confidential non-binding proposal to buy <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>. </li>
<li>7&amp;i shares obviously went up (limit up in a hurry, staying there, large size traded limit up at close). </li>
<li>Now things get complicated. 7&amp;i has said they received a non-binding proposal for all the shares. There will be a Special Committee of all Independent Directors. All stakeholders will matter. </li>
</ul>


Today, part-way through the day, the Nikkei ran an article saying that Alimentation Couche-Tard (ATD CN) had made a confidential non-binding proposal to buy Seven &amp; I Holdings (3382 JP). 
7&amp;i shares obviously went up (limit up in a hurry, staying there, large size traded limit up at close). 
Now things get complicated. 7&amp;i has said they received a non-binding proposal for all the shares. There will be a Special Committee of all Independent Directors. All stakeholders will matter. 


MEGA M&A! 7&I (3382 JP) Gets Non-Binding Bid from Alimentation Couche-Tard (ATD CN)

Podcast of business and financial stories, Behind the Money

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Equity Bottom-Up

<ul><li>A Canadian company, Alimentation Couche-Tard, has made an unsolicited offer to acquire Japan's Seven &amp; I Holdings, the owner of the popular 7-11 convenience store chain, marking Japan's largest foreign-led takeover attempt.</li><li>This proposed takeover could signal a shift in Japan's traditional resistance to foreign acquisitions, opening up opportunities for more global mergers and acquisitions in the country.</li><li>The deal would create a global giant in the convenience store industry and represents a significant change in Japan's deal-making and corporate culture.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

A Canadian company, Alimentation Couche-Tard, has made an unsolicited offer to acquire Japan's Seven &amp; I Holdings, the owner of the popular 7-11 convenience store chain, marking Japan's largest foreign-led takeover attempt.This proposed takeover could signal a shift in Japan's traditional resistance to foreign acquisitions, opening up opportunities for more global mergers and acquisitions in the country.The deal would create a global giant in the convenience store industry and represents a significant change in Japan's deal-making and corporate culture.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How a 7-Eleven takeover could reshape corporate Japan

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>On 13 September, the Ministry of Finance of Japan added 7&amp;I to <a href="https://www.mof.go.jp/policy/international_policy/gaitame_kawase/press_release/20240913.html" target="_blank" rel="noopener">a list of "core" designated companies</a> based on results of voluntary inquiries to all listed companies.</li>
<li>Several media reports suggest that the change in 7&amp;I’s designation to core would complicate the proposed acquisition by <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>. The core designation will not change Couche-Tard's strategy.</li>
<li>The change to 7&amp;I’s designation to core will paradoxically push Couche-Tard to firm up its revised offer. An undemanding valuation protects the downside of a no-deal situation.</li>
</ul>


On 13 September, the Ministry of Finance of Japan added 7&amp;I to a list of "core" designated companies based on results of voluntary inquiries to all listed companies.
Several media reports suggest that the change in 7&amp;I’s designation to core would complicate the proposed acquisition by Alimentation Couche-Tard (ATD CN). The core designation will not change Couche-Tard's strategy.
The change to 7&amp;I’s designation to core will paradoxically push Couche-Tard to firm up its revised offer. An undemanding valuation protects the downside of a no-deal situation.


Seven & I Holdings (3382 JP): Core Designation Does Not Change Couche-Tard’s Calculus

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) - Asset Sale News Designed to Get Shareholder Attention to Future Value

7&i reports earnings this week. Shareholders will want info on ACT, or why "intrinsic value" is higher. It's an easy explanation, but new news on...

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Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

MEGA M&A! 7&I (3382 JP) Gets Non-Binding Bid from Alimentation Couche-Tard (ATD CN)

Canadian CVS owner Alimentation Couche-Tard has lobbed in a bid to buy all the shares of 7&i. This is not as surprising as it looks. It's huge, and...

Travis Lundy

How a 7-Eleven takeover could reshape corporate Japan

Canadian company Alimentation Couche-Tard is making a bid to buy Japan's Seven and I Holdings, potentially marking a significant shift in Japanese...

Behind the Money

Seven & I Holdings (3382 JP): Core Designation Does Not Change Couche-Tard’s Calculus

The change to 7&I’s designation to core will paradoxically push Couche-Tard to firm up its revised offer. An undemanding valuation protects the...

Arun George

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