{"id":112613,"date":"2024-10-10T18:25:46","date_gmt":"2024-10-10T11:25:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=112613"},"modified":"2024-10-10T18:25:46","modified_gmt":"2024-10-10T11:25:46","slug":"7-elevens-parent-company-cuts-full-year-earnings-forecast","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=112613","title":{"rendered":"7-Eleven&#8217;s parent company cuts full-year earnings forecast"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108045773\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>A customer is seen inside a 7-Eleven convenience store along a street in central Tokyo on September 9, 2024.\u00a0\u00a0<\/p>\n<p>Richard A. Brooks | Afp | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Japanese convenience retailer <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/3382.T-JP\/\">Seven &amp; i Holdings<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span> slashed its earnings forecasts and pressed ahead with restructuring plans that include spinning off non-core businesses into a standalone subsidiary.<\/p>\n<p>The company slashed its <a href=\"https:\/\/www.7andi.com\/en\/ir\/file\/library\/kt\/pdf\/2024_1010kte.pdf\" target=\"_blank\" rel=\"noopener\">profit forecast<\/a> for the fiscal year ending February 2025 and now expects net income of 163 billion yen ($1.09 billion), a 44.4% reduction from its prior forecast of 293 billion yen. The reduction comes as it reported first-half net profit of 52.24 billion yen on 6.04 trillion yen in revenue. While sales came in higher than forecast, profits significantly below its own guidance for 111 billion yen.<\/p>\n<p>Seven &amp; i said it saw fewer customers at its overseas convenience stores as they took a &#8220;more prudent approach to consumption.&#8221; The company noted it recorded a charge of 45.88 billion yen related to its spin-off of Ito-Yokado Online Supermarket.<\/p>\n<p><a href=\"https:\/\/www.7andi.com\/library\/dbps_data\/_material_\/localhost\/en\/release_pdf\/2024_1010_ir02en.pdf\" target=\"_blank\" rel=\"noopener\">In a separate filing<\/a>, the owner of 7-Eleven said it will set up an intermediate holding company for its supermarket food business, specialty store and other businesses, amid growing pressure from investors to trim down its portfolio.<\/p>\n<p>The restructuring<strong>,<\/strong> which would consolidate 31 units, comes as the Japanese retail group resists a takeover attempt by Canada&#8217;s <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-4\"><a href=\"https:\/\/www.cnbc.com\/quotes\/ATD-CA\/\">Alimentation Couche-Tard<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"\/><\/button><\/span><\/span><\/span>.<\/p>\n<p>In September, Seven &amp; i <a href=\"https:\/\/www.7andi.com\/library\/dbps_data\/_material_\/localhost\/en\/release_pdf\/2024_0906_ir01en.pdf\" target=\"_blank\" rel=\"noopener\">rejected the initial takeover offer<\/a> of $14.86 per share, claiming that the bid was &#8220;not in the best interest&#8221; of its shareholders and stakeholders and also cited U.S. antitrust concerns.<\/p>\n<p>After receiving that proposal, Seven &amp; i sought and obtained a new designation as &#8220;core business&#8221; in Japan. Under Japan&#8217;s Foreign Exchange and Foreign Trade Act, foreign entities need to notify the government and submit to a national security review if they are buying a 1% stake or more in a designated company.<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\"><a id=\"headline0\"\/>Revised offer<\/h2>\n<div class=\"group\">\n<p>Seven &amp; i confirmed Wednesday that it received a <a href=\"https:\/\/www.7andi.com\/library\/dbps_data\/_material_\/localhost\/en\/release_pdf\/2024_1009_ir01en.pdf\" target=\"_blank\" rel=\"noopener\">revised bid from ACT<\/a>, but did not disclose further details. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-09\/couche-tard-suggested-higher-price-of-47-billion-for-seven-i\" target=\"_blank\" rel=\"noopener\">Bloomberg previously reported <\/a>that the Canadian operator of Circle-K stores had raised its offer by around 20% to $18.19 per share, which would value Seven and i at 7 trillion Japanese yen. If finalized, the deal could become the biggest-ever foreign takeover of a Japanese company.<\/p>\n<\/div>\n<div>\n<div class=\"Collapsible-proliveCollapsableContainer\" role=\"button\" tabindex=\"0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"256\" height=\"256\" viewbox=\"0 0 256 256\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" preserveaspectratio=\"xMinYMin\" class=\"Collapsible-stockChartIcon\"><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><img decoding=\"async\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\" class=\"Collapsible-dismissButton\" alt=\"hide content\"\/><\/div>\n<\/div>\n<p><iframe title=\"Seven &amp; i Holdings\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=3382.T-JP&amp;range=5D&amp;type=mountain&amp;embedded=true&amp;$DEVICE$=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<p>Seven &amp; i Holdings<\/p>\n<\/div>\n<div class=\"group\">\n<p>It&#8217;s &#8220;entirely possible&#8221; that ACT&#8217;s buyout bid to turn into a hostile takeover attempt, Nicholas Smith, a Japan strategist at CLSA told CNBC&#8217;s &#8220;<a href=\"https:\/\/www.cnbc.com\/asia-squawk-box\/\">Squawk Box Asia<\/a>&#8221; on Thursday. A hostile takeover occurs when an acquiring company attempts to gain control of the target company against the wishes of its management and board of directors.<\/p>\n<p>&#8220;We&#8217;ve had a lot of problems with poison pills in Japan in recent years, and the legal structure is extremely opaque,&#8221; he added. Companies trying to shake off an acquirer may opt to deploy a &#8220;poison pill&#8221; by issuing additional stock options to dilute the attempted acquirer&#8217;s stake.<\/p>\n<p>However, &#8220;an outright hostile tender offer would be highly unlikely,&#8221; in the view of Jamie Halse, founder and managing director of Senjin Capital, as no banks would be willing to provide the financing.<\/p>\n<p>That said, if the offer gets to a &#8220;sufficiently attractive level,&#8221; he said it may be difficult for the board to continue to reject it.<\/p>\n<p>&#8220;Shareholders are likely already frustrated that no further negotiations have taken place despite the increase in the offer price,&#8221; he said, adding that an activist investor may seek to &#8220;harness those frustrations&#8221; and &#8220;effect a change in the board&#8217;s composition.&#8221;<\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-108030130\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-108030130\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000350848\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/108030131-17255905201725590517-36139171961-1080pnbcnews.jpg?v=1725590519&amp;w=750&amp;h=422&amp;vtcrop=y\" alt=\"ACT's takeover bid for Seven &amp; i is about U.S. business and overseas operations: Portfolio manager\"\/><span class=\"InlineVideo-videoButton\"\/><span\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Seven &amp; i shares were traded at 2,325 Japanese yen as of Thursday close. The Tokyo-listed shares have surged over 33% since the Canadian company&#8217;s buyout interest <a href=\"https:\/\/www.reuters.com\/markets\/deals\/japans-seven-i-receives-takeover-offer-canadas-couche-tard-nikkei-says-2024-08-19\/\" target=\"_blank\" rel=\"noopener\">became public in August<\/a>.<\/p>\n<p>ACT has about <a href=\"https:\/\/corpo.couche-tard.com\/en\/our-company\/where-we-operate\/\" target=\"_blank\" rel=\"noopener\">16,800 stores globally<\/a>, far fewer than Seven &amp; i Holdings&#8217; approximately <a href=\"https:\/\/www.7andi.com\/en\/group\/\" target=\"_blank\" rel=\"noopener\">85,800 stores<\/a>.<\/p>\n<p>The newly revised offer indicates ACT leaders are &#8220;committed,&#8221; Jesper Koll, head of Japan at Monex Group, told CNBC via email. He also pointed out that the new offer price suggests a 53% premium to where shares were trading before the initial offer.<\/p>\n<p>&#8220;The money they offer is good, but there is more at stake than just numbers,&#8221; Koll said.<\/p>\n<p>&#8220;I really can&#8217;t see ACT revising up its price tag,&#8221; Amir Anvarzadeh, a Japan equity market strategist at Asymmetric Advisors, told CNBC, &#8220;the pressure is on Seven &amp; i management to prove that they can speed things up and stay independent.&#8221;<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/10\/10\/7-elevens-parent-company-cuts-full-year-earnings-forecast.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A customer is seen inside a 7-Eleven convenience store along a street in central Tokyo on September 9, 2024.\u00a0\u00a0 Richard A. Brooks | Afp | Getty Images Japanese convenience retailer &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=112613\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-112613","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/112613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=112613"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/112613\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=112613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=112613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=112613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}