ValueAct Capital Activist Presentation Deck
The Strategic Transformation: A Four Step Process
1 Announce a bold strategy to truly focus on 7-Eleven and to restructure the
non-core businesses without limits
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Complete the sale of Sogo & Seibu and announce intention to separate Ito-
Yokado through a sale or spin-off with plans to rapidly restructure the
company to focus on its food retail operations
Exit the remaining non-core businesses while maximizing value and paying
due consideration to stakeholders until the convenience store operations are
all that remain
Operational review of 7-Eleven outside of Japan, including the US expense
base and fresh food opportunity, as well as the international growth
opportunity, culminating in new targets and a roadmap to achieve them
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