ValueAct says Seven & i did not answer questions in clear way

TOKYO (Reuters) – ValueAct Capital said on Friday that Seven & i Holdings had failed to provide clear answers to the questions the activist fund sent to the Japanese retail giant.

“Seven & i did not answer any of the nine questions posed by ValueAct in a clear and specific way,” ValueAct told Reuters, a day after Seven & i independent directors issued a statement to continue reviewing strategies.

“We look forward to providing shareholders the opportunity to vote for new directors who will put the company on a path towards a better future,” said ValueAct, which owns a 4.4% stake in Seven & i.