The company said the proposal was"opportunistically timed and grossly undervalues our standalone path and the additional actionable avenues we see to realize and unlock shareholder value in the near- to medium-term."
In April, Seven & i announced a restructuring plan for the company, aimed at growing 7-Eleven's presence globally as well as divesting its underperforming supermarket business. Artisan Partners is a U.S. fund that holds a stake of just over 1% in Seven & i. In August, the firm hadHerrick explained Artisan asked Seven & i to consider the offer because the fund feels that capital allocation overseas has been overlooked.
"You have more than 50,000 stores, or about 50,000 stores that are generating about $100 million or just over $100 million of operating profit for for the company. So I think there's a big mismatch there," he said.