By Rocky Swift and Kevin Buckland

TOKYO (Reuters) – U.S. fund Artisan Companions (NYSE:) Asset Administration ramped up strain on Japan’s Seven and that i holdings, calling on the board to offer an replace on a takeover bid from Canada’s Alimetation Couche-Tard (ACT) by Sept. 19.

In a letter dated Friday and despatched to journalists, Artisan portfolio managers N. David Samra and Benjamin L. Herrick beneficial that Seven & i, operator of the 7-Eleven comfort retailer chain in Japan, severely take into account ACT’s supply, and to solicit presents for the corporate’s Japanese subsidiaries “as quickly as possible.”

“ACT is uniquely positioned to enhance (Seven & i’s) corporate value,” Samra and Herrick wrote.

“Negotiating with ACT is the best tactic to preserve positive stakeholder outcomes in Japan,” they mentioned. “It is imperative that the board of directors negotiate with ACT immediately to achieve the best possible outcome for shareholders.”

Artisan’s letter, which was extremely important of Seven & i’s observe file of enhancing company worth, highlights the strain on the corporate from shareholders over the potential deal, which might probably be the biggest-ever abroad buyout of a Japanese agency.

ACT, which is the proprietor of Circle-Okay comfort shops, final week mentioned it had approached Seven & i a couple of attainable acquisition, with out disclosing a possible deal worth.

Artisan has been a critic of Seven & i’s administration and construction since 2019, when the letter says it grew to become a shareholder. It mentioned it’s an lively – not activist – shareholder, which engages with company administration and boards.