Apollo Global Management Inc. is considering taking a substantial stake in a bid by Seven & i’s founding Ito family to take the Japanese convenience store operator private, people familiar with the matter said.
Andrew Pyle, CIBC Wood Gundy senior investment advisor, talks about Alimentation Couche-Tard's Q3 earnings reporting below projections and a dividend increase.
Under the current proposal, which is subject to change, Apollo would join the Ito family and Itochu Corp., the operator of FamilyMarts in Japan, as key investors. The Ito family is weighing a commitment of around ¥500 billion and Itochu more than ¥1 trillion. Other partners are still negotiating stakes.
“The current MBO proposal is already high, so the fact that they’ve found another source of funding is a big positive for shareholders,” said Shun Tanaka, a senior analyst at SBI Securities Co., adding that it raises the possibility of a buyout happening or higher offers by others. “Investors’ expectations will be heightened by this.”
The Ito family-led bid would be among the biggest buyouts on record, and reflect a successful unified effort by corporate Japan to keep one of the country’s most famous companies from falling into foreign hands.
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