Seven & i founders withdraw buyout, give life to Canadian takeover

Seven & i Holdings Co. said Thursday its founding family has withdrawn a proposed management buyout of the retailer due to a lack of interested investors, a decision that is likely advantageous to an existing takeover bid from a Canadian rival.Major trading house Itochu Corp., which was considering investing in the founders' acquisition proposal, said the same day that it has "decided to terminate our consideration of this matter."Facing a takeover bid from Canada's Alimentation Couche-Tard Inc., the operator of Circle K convenience stores, since last year, the Seven & i founding family sou…READ FULL ARTICLE