FILE PHOTO: The exterior of a 7-Eleven convenience store is seen on August 20, 2024, in Los Angeles, California. Japan’s Seven & i Holdings, which operates 85,000 stores, said it had received a bid from Circle K operator Alimentation Couche-Tard. Eric Thayer/Getty Images/Agence France-Presse

TOKYO, Japan — Shares in the Japanese owner of 7-Eleven jumped Monday after media reports said it was seeking to strengthen its hand in a takeover battle, including selling a stake in its banking unit.

Seven & i – Japan’s biggest retailer – last month rejected an initial buyout offer from Canada’s Alimentation Couche-Tard (ACT), saying the $40 billion proposal undervalued its business and could face regulatory hurdles.

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But ACT, which owns the rival Circle K brand, has vowed to pursue the buyout, which would be the biggest ever foreign takeover of a Japanese firm.

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Shares in Seven & i ended the morning 2.55 percent higher at 2,250.5 yen in Tokyo, having surged more than three percent at one point.

The Financial Times said Monday that Seven & i “is hunting for ways to boost its share price and bolster its defences” ahead of an expected second bid from ACT.

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READ: Japanese 7-Eleven owner rejects takeover offer from Canadian rival

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That followed reports in Japanese media last week that the group was accelerating a plan to sell its supermarket operations, including the national “Ito-Yokado” chain.

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Such a move would allow it to focus on 7-Eleven – the world’s biggest convenience store chain, which operates more than 85,000 outlets with around a quarter of those in Japan – the Nikkei business daily said Friday.

Public broadcaster NHK also reported last week that Seven & i was considering selling a stake in its banking unit in order to increase the group’s value.

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While 7-Eleven began in the United States, the franchise has been wholly owned by Seven & i since 2005.

READ: Japanese 7-Eleven owner soars on takeover offer

The group will announce its quarterly earnings on Thursday, with the CEO scheduled to address the media.

A company spokesman declined to comment on the reports when contacted by Agence France-Presse.

The Japanese finance ministry last month designated Seven & i a “core” industry, a move that could make the takeover more complicated.

Meanwhile, Quebec’s public pension manager said “Couche-Tard knows that we will always accompany them in these endeavours if necessary” in an interview with Bloomberg News.

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ACT operates more than 16buddha bet,700 outlets in 31 countries and territories.

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