By Kosaku Narioka 
 

ValueAct Capital LP has asked Seven & i Holdings Co.'s board to set up a strategic review committee of outside directors so that it can focus on 7-Eleven convenience-store operations.

The San Francisco-based investment company said Wednesday that Seven & i lacked strategic focus and is performing below its potential. ValueAct said the committee should review alternatives for the holdings of each business unit, as well as the company overall.

ValueAct said Seven & i could become a global champion if it focuses on the convenience-store business.

Seven & i runs supermarkets, department stores and specialty stores in addition to convenience stores.

ValueAct said it wanted the strategic review committee to issue a report by the end of April.

ValueAct holds an about 4.4% stake in Seven & i and has engaged with the company since 2020, it said.

 

Write to Kosaku Narioka at kosaku.narioka@wsj.com

 

(END) Dow Jones Newswires

January 25, 2022 20:03 ET (01:03 GMT)

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