The Timeline of Value Creation and ACT Engagement
Standalone Value Creation
Engagement With ACT
Formation of Strategy Committee, composed of outside directors, focused on maximizing mid- to long-term corporate and shareholder value.
Formation of Strategy Committee, composed of outside directors, focused on maximizing mid- to long-term corporate and shareholder value.
Announcement of recommendations made by the Strategy Committee
- Concrete action plans to accelerate growth
- Changes to the group structure that will enhance long-term growth and corporate value
- Enhancement of investor engagement
Announcement of recommendations made by the Strategy Committee
- Concrete action plans to accelerate growth
- Changes to the group structure that will enhance long-term growth and corporate value
- Enhancement of investor engagement
Immediately formed Special Committee to review offer
Immediately formed Special Committee to review offer
Expressed openness to consider further proposals
Expressed openness to consider further proposals
Requested a meeting with ACT to discuss how the companies could address competition concerns
Requested a meeting with ACT to discuss how the companies could address competition concerns
Announced the plan to achieve a new group structure in which the CVS, SST and financial services, each have capital and strategic independence
Announced the plan to achieve a new group structure in which the CVS, SST and financial services, each have capital and strategic independence
Proactively shared draft non-disclosure agreement (NDA) and joint defense agreement (JDA) to advance discussions
Proactively shared draft non-disclosure agreement (NDA) and joint defense agreement (JDA) to advance discussions
Announced medium-term growth strategy of each business with key KPIs to FY30E
Announced medium-term growth strategy of each business with key KPIs to FY30E
• During legal discussions, 7&i proposed multiple routes to regulatory approval
• Requested that ACT provide concrete antitrust proposal
• During legal discussions, 7&i proposed multiple routes to regulatory approval
• Requested that ACT provide concrete antitrust proposal
Announced progress on key strategic initiatives of each business
• Continue to pursue growth by focusing on CVS business
Announced progress on key strategic initiatives of each business
• Continue to pursue growth by focusing on CVS business
Held meeting with ACT to discuss transaction terms and operations policies after the transaction
Held meeting with ACT to discuss transaction terms and operations policies after the transaction
Delivered second proposal to sign NDA with suitable protections and outlining a divestiture plan
Delivered second proposal to sign NDA with suitable protections and outlining a divestiture plan
Announced plan to unlock shareholder value through leadership changes and transformational capital and business initiatives
• Announced sale of Superstore Business Group to Bain Capital
• Announced deconsolidation of Seven Bank, targeting completion in FY25E
Announced plan to unlock shareholder value through leadership changes and transformational capital and business initiatives
• Announced sale of Superstore Business Group to Bain Capital
• Announced deconsolidation of Seven Bank, targeting completion in FY25E
Announced the signing of an NDA including a “standstill” provision while cautioning that it remains critical for the Special Committee to assess if there is a path to a viable divesture that will satisfy regulators.
Announced the signing of an NDA including a “standstill” provision while cautioning that it remains critical for the Special Committee to assess if there is a path to a viable divesture that will satisfy regulators.