Softbank’s Fortress offers US$1.5bil to buy Japan’s Sogo & Seibu
sSoftBan owned Fortress has obtained the first refusal right in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said.新二皇冠最新手机登录（www.hg108.vip）实时更新发布最新最快最有效的新二皇冠最新手机登录网址,包括新2手机网址,新2备用网址,皇冠最新网址,新2足球网址,新2网址大全。
TOKYO: Softbank-owned Fortress Investment Group has offered around 200 billion yen (US$1.48bil or RM6.52bil) to buy Japanese department store unit Sogo & Seibu from parent Seven & i Holdings, Nikkei reports, citing sources.
Fortress has obtained the first refusal right in the acquisition of Sogo & Seibu, amid investor pressure at Seven & i to focus on its core convenience store business, Nikkei said.
Fortress Investment did not respond to a Reuters request for comment outside US business hours. Seven & i could not be immediately reached.
The US-based private equity firm is also in talks with Japanese electronics and appliance retailer Yodobashi Holdings to collaborate on efforts to revamp the department stores after the acquisition, the report added.,
Fortress is considering having Yodobashi run its store within the Seibu department in Ikebukuro, Tokyo, according to Nikkei.
Investment firm ValueAct, which holds a 4.4% stake in Seven & i, had urged the Japanese retailer to sell off Sogo & Seibu, saying in February the company could more than double its share price by focusing on its convenience stores.
In April, Seven & i said it would continue reforms of its business portfolio and had hired a financial adviser to conduct a strategic review of Sogo & Seibu.
Seven & i, the parent of 7-Eleven convenience stores, is expected to hold more detailed talks with Fortress, according to the Nikkei report. — Reuters