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Investing.com-- Seven & i Holdings Co., Ltd. (TYO:3382) President Ryuichi Isaka is preparing to step down from his position, the Nikkei newspaper reported on Monday, just days after a bid led by the company’s founding Ito family fell through.
Isaka will be replaced by director Stephen Dacus and will become Seven & i’s first foreign chief, the Nikkei report said. Dacus is leading a special committee to evaluate a $47 billion takeover bid from Canada’s Alimentation Couche Tard Inc (TSX:ATD).
Seven & i recently signaled that it will consider Couche-Tard’s offer, especially as a $58 billion privatization bid led by the Ito family collapsed last week.
The Nikkei report said Seven & i will hold a board meeting soon to finalize its management changes. Shares of the retailer, which owns the wildly popular 7-11 convenience store chain, rose slightly in Tokyo trade.