The company misrepresented the nature of ValueAct’s efforts to improve Seven&i’s leadership and strategy
ValueAct’s proposals are about improving the leadership and governance process
Seven & i refused to respond to ValueAct’s detailed strategic analysis
Full letter and related materials available at https://valueact.com/presentations/
SAN FRANCISCO, April 27, 2023 /PRNewswire/ — ValueAct Capital (“ValueAct”), a global investment firm that has been a major shareholder of Seven & i Holdings (“Seven & i” or “the Company”) since 2020, today issued an open letter (see attached ) to the board of Seven & i in response to their public announcement April 25, 2023.
ValueAct has built a reputation over decades as a cooperative and constructive partner to companies, helping to drive successful transformations and long-term value creation. ValueAct has worked in good faith with Seven & i and its leadership for several years. However, Seven&i’s board of directors has repeatedly refused to engage in constructive dialogue about the company’s strategic direction and has now resorted to misrepresenting ValueAct’s efforts to improve the company’s governance and performance for the benefit of all shareholders characterize. As described in the letter, the company has:
- Misrepresented the nature of ValueAct’s efforts. ValueAct dismisses the company’s attempts to misinform shareholders by implying that ValueAct’s campaign is aimed at forcing a “hasty” spin-off of the CVS business. shareholders are NOT asked to vote on a spin-off, but to vote for a proposal that creates a truly independent board that will conduct a careful and considered succession process for the presidency, considering all alternatives available to the company with a view to maximizing shareholder value and corporate value .
- Dismissed ValueAct’s recordkeeping concerns, symbolic of weak leadership. The record of shareholders without the consent of the company is the latest…