The Japan-based owner of 7-Eleven stores, Seven &am♐p; i Holdings, is shaking up its operations as it faces a takeover effort by the Canadian parent of Circle K stores.

Seven & i announced Thursday that it was establishing an intermediate holding company, which will be a wholly owned subsidiary called SST, containing its supermarket food business, specialty store and other businesses.

It explained the move was to accelerate a possible initial public offering (IPO) of SST "in ord🌠er to unlock value for the company's shareholder🤡s and other stakeholders."

Seven & i noted that the SST group's "growth story differs from the convenience store business's."

Seven & i Has Rejected Takeover Overtures

Canada's Alimentation Couche-Tard had offered $39 billion for Seven & i, which the firm rejected last month. However, Seven & i said it was 澳洲幸运5官方开奖结果体彩网:open to talks if the bid was increased, and yesterday said that it had received "a revised confidential, private and non-binding proposal" without elaborating.

On its earnings call today, 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Ryuichi Isaka was quoted as saying that Seven & i would "respond sincerely to proposals which will increase our corporate value."