TOKYO -- Seven & i Holdings on Thursday announced a massive share buyback plan, one of the largest in the history of corporate Japan, as part of a sweeping turnaround plan aimed at bolstering its share price and keeping support from shareholders amid a takeover threat from a Canadian rival.
The announcement came a week after the company's founding family gave up a buyout attempt to fend off the $47 billion offer from Alimentation Couche-Tard. At a news conference on Thursday, the management tried to showcase its ability to deliver tangible benefits to shareholders, while pointing out regulatory uncertainties surrounding the Canadian offer.
