American shareholder Artisan urges Seven & i, the parent company of 7-11, to expedite the bidding process.

Japanese retail giant, the parent company of 7-11, Seven & i Holdings, received a bid from their American investor, Artisan Partners, urging the special committee to consider the acquisition proposal to ensure the highest bid is secured. Amidst considering the competing bid from Canadian company Alimentation Couche-Tard, Seven & i stated on Wednesday that they had received an acquisition proposal from a member of the Ito family, the founders of the company, with a potential valuation of up to 9 trillion yen ($580 billion). In a statement, the retailer stated that the acquisition proposal from Ito-Kogyo, linked to Vice President Junro Ito, is not binding and is currently under review by the special committee set up by Seven & i to evaluate Couche-Tard's acquisition bid. Ben Herrick, portfolio manager at Artisan, stated in a release that the fund currently supports both bids and urges the committee to consider a formal bidding process, including an auction, to explore the interest of other third parties. Herrick said, "Furthermore, we strongly urge the board to give both parties equal opportunity for due diligence. Finally, the board and special committee must act with urgency and not delay any further." According to LSEG data, Artisan holds a 1.11% stake in Seven & i. Foreign investors, including Artisan, have been urging Seven & i to focus on its core convenience store business.