The acquisition case has undergone twists and turns, with reports that Seven & i, the parent company of 7-11, will have a change in leadership.

According to informed sources, Japanese retail giant and parent company of 7-11 convenience stores, Seven & i Holdings, is finalizing a plan for the resignation of its CEO and is likely to appoint the company's first foreign CEO. The sources have revealed that Ryuichi Isaka, CEO and President of Seven & i, will resign, and his successor is likely to be the director Stephen Dacus. Dacus has been an external director since 2022, leading a special committee tasked with evaluating the $47 billion acquisition offer from Canada's Alimentation Couche-Tard and the recent failed privatization deal of Seven & i by the founding family. The sources have indicated that Seven & i will hold a board meeting on Thursday to make the final decision. In a statement, Seven & i stated that the media reports regarding its management were not from the company itself, and no decisions have been made yet. Dacus has previously served as the chairman of Japanese supermarket giant Seiyu Holdings and has worked at FAST RETAIL-DRS and Food & Life Companies. The sources stated, "As an external director, he is familiar with our discussions to date (regarding the Couche-Tard acquisition proposal)," and added that he is the best candidate to accelerate Seven & i's overseas growth strategy. It has been reported that another external director, Paul Yonamine, will replace Dacus as the chair of the special committee. Isaka has been working at Seven & i since 1980, becoming the president of the company in 2016. However, his management has faced criticism from foreign investors, including ValueAct Capital, which attempted to oust Isaka in 2023 citing "flawed strategies." Isaka has mentioned that the company's management can turn things around by expanding overseas operations and focusing on fresh food supply, with the aim of doubling sales to around 30 trillion yen (approximately $199.51 billion) by 2030. The founding Ito family of Seven & i began negotiations last year in hopes of privatizing the convenience store owner, which would be the largest management buyout in history. Last week, Seven & i stated that the Ito family was unable to secure financing for the $58 billion management buyout plan, opening up possibilities for a bid from Canadian convenience store giant Couche-Tard. Couche-Tard has reiterated its commitment to reaching a mutually agreed upon deal with Seven & i. If Couche-Tard successfully acquires majority control of Seven & i, it would be the largest acquisition by a Japanese company. In September last year, Seven & i was listed as a "core" asset critical to Japan's national security, although the Japanese Ministry of Finance stated that there would be no obstacles set for the acquisition. Additionally, it has been reported that the retailer is close to reaching an agreement to sell non-core assets to private equity firm Bain Capital.