ValueAct issues open letter to Board of Seven & i Holdings

USA - Deutsch

USA - Nederlands

USA - Français

- Letter cites lack of strategic focus

- Dramatic underperformance

- Urgent need for direct shareholder input

News provided by

Jan 25, 2022, 14:00 ET

SAN FRANCISCO, Jan. 25, 2022 /PRNewswire/ -- ValueAct Capital ("ValueAct"), a global investment firm with a position of approximately 4.4% of the shares outstanding in Seven & i Holdings ("Seven & i"), who has engaged with the company since 2020, today released an open letter (see attached) to the board of Seven & i requesting they:

urgently conduct a series of hearings to obtain direct shareholder input on key strategic issues, and
create a Strategic Review Committee of outside directors to evaluate strategic alternatives reporting to stakeholders by the end of April, 2022

ValueAct has a unique 21-year history of helping companies pursue successful transformations and long-term value creation through private dialogue and constructive relationship building. ValueAct rarely engages publicly but has taken this step because it believes that Seven & i has a lack of strategic focus, an ineffective management structure, and is dramatically underperforming its potential. Despite engaging constructively since 2020, ValueAct has lost confidence in management's ability to set a value-enhancing strategic course without direct and public input from its independent shareholders

Attached: Open Letter to Board of Seven & i Holdings

About ValueAct Capital (VAC)
ValueAct Capital, established in 2000, is a global investment firm managing capital on behalf of some of the world's largest institutional investors. The Firm's goal is to transform companies and help them become 21^st Century Global Champions. VAC seeks to identify and invest in high-quality businesses that are temporarily under-valued, taking a patient, collaborative and constructive approach to value building for all stakeholders with long-term investments. The firm generally holds 10-18 investments at any given time, and ValueAct Capital's internal team has built a track record serving on over 50 public company board seats. For more information, please see https://valueact.com/. To view the full letter please visit https://valueact.com/presentations/.

SOURCE ValueAct Capital