The operator of 7-Eleven stores didn’t answer any of the fund’s questions in a clear and specific way, and its communications are “vague and confusing”.
Activist fund ValueAct Capital Management said it’s looking forward to the opportunity to vote for new directors of SevenThe operator of 7-Eleven stores didn’t answer any of the fund’s questions in a clear and specific way, and its communications continue to be “vague and confusing,” ValueAct wrote in an e-mailed statement Friday.
“We are committed to rigorously assessing opportunities to create value for all stakeholders and adjusting our mid- and long-term strategies accordingly,” the directors said. “Our plan and the separate letter from the board members were comprehensive, and answered the questions to some extent,” Isaka said during an earnings call. “We’ll give a clear view by the company in mid-April.”
The retailer forecast operating profit of ¥513 billion for the fiscal year to February 2024, short of the ¥526 billion average projected by analysts. The outlook for full-year sales also fell a bit short of analysts’ expectations.i’s shares dropped 4 per cent in Tokyo trading Friday, the biggest decline in about a month, after the forecasts fell short of analyst estimates.