ValueAct Capital Activist Presentation Deck
Presentation Context
Over the past year of engaging with Seven & i Holdings (“the Company”, “Seven & i”) in
private dialogue, ValueAct Capital (“VAC”, “we”) observed slow, convoluted decision-
making relative to the strategic imperative to truly focus and transform. The Company
continues to pursue an ambiguous strategy rather than clarifying unequivocally that
transforming into a global champion 7-Eleven is the strategic purpose. We lost faith in
management's ability to set the strategic course without input from shareholders.
On January 25, 2022 ValueAct released an open letter addressed to the Seven & i Board
of Directors. The letter requested the Board (1) Allow the Company's Outside Directors to
formally and promptly seek direct input from top shareholders on key issues of strategy
and governance, and (2) Form an independent committee to assess strategic alternatives
On February 3, 2022 Seven & i issued a public response that created confusion in the
media, but we understand that it denied both of ValueAct's above requests
ValueAct is always open to making progress through constructive private dialogue with its
investee companies, including in this case, but the limited receptivity from Seven & i so far
requires that alternatives be considered
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