7-Eleven to Split U.S. Stores and Buy Back Shares to Prevent Takeover

7 months ago 79

Tokyo-based convenience-store concatenation names archetypal American CEO and plans $13 cardinal stock buyback

The Japan-based proprietor of the worldwide 7-Eleven concatenation said Thursday it would divided its North American convenience stores into a abstracted listed company, saying U.S. stores would beryllium amended disconnected with much independence.

The divided is portion of a bundle of shareholder-friendly measures designed to caput disconnected a $47 cardinal takeover bid by Canada’s Alimentation Couche-Tard ATD 0.95%increase; greenish up pointing triangle, owner of the Circle K convenience-store chain. The 7-Eleven genitor besides named its archetypal American main executive, erstwhile Walmart enforcement Stephen Hayes Dacus.

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