TOKYO/BANGKOK -- The founding family of Japan's Seven & i Holdings, owner of the 7-Eleven convenience store chain, has approached potential backers at home and abroad as it tries to finalize a buyout plan to fend off a takeover bid from Canada's Alimentation Couche-Tard.
The founding family is working to a tight deadline, as it seeks to raise the estimated 7 trillion to 9 trillion yen ($46 billion to $59 billion) of funds needed to compete with Couche-Tard's $47 billion offer. The board of directors is expected to make a decision about the acquisition proposals from both Couche-Tard and the founding family by a shareholders meeting in May.
