Seven & i shares soar after report founding family aims to complete buyout this FY
TOKYO, Nov 20 (Reuters) -Shares in Seven & i Holdings 3382.T jumped more than 9% in early Tokyo trading on Wednesday following a media report that the founding family behind the Japanese retailer was aiming to take it private within this financial year ending in March.
The shares were last up 9.2% at 2,661 yen ($17.20), compared with a 0.19% rise in the benchmark Nikkei average .N225.
Japanese public broadcaster NHK reported on Tuesday that the founding Ito family aims to raise more than $51.7 billion to take the company private through a special purpose company, which is in talks with Japan's three largest lenders and major U.S. financial institutions.
Seven & i has been under pressure to convince investors it can enhance value on its own and fend off a $47-billion takeover bid from Canada's Alimentation Couche-Tard ATD.TO.
($1 = 154.7200 yen)
Reporting by Satoshi Sugiyama
Editing by Chang-Ran Kim
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