THE BATTLE for control of Seven & i, the Japanese owner of 7-Eleven, has taken a number of surprising turns since Alimentation-Couche Tard (ACT), a Canadian retailer, offered to acquire the company in August. Seven & i has been looking for ways to wriggle out of the takeover ever since. First came a rival proposal for a management buyout orchestrated by the company’s founding Ito family, which collapsed owing to difficulties securing funding. Then earlier this month the company appointed its first foreign chief executive, Stephen Dacus, an American. Mr Dacus has outlined a sweeping restructuring plan including an initial public offering of its American subsidiary next year, the sale of York Holdings, its supermarket chain, and a hefty share buyback.
