On January 19, 2023, ValueAct Capital Partners LP urged Seven & i Holdings shareholders to back a spin-off of the Company's 7-Eleven convenience store chain, arguing the move would improve the conglomerate's valuation and corporate governance. ValueAct Capital stated that it has been urging the Company to make changes for at least a year, called on shareholders, to express their opinions on the matter to the Company's board. ValueAct Capital also stated that it has argued a tax-free spin-off of 7-Eleven could be completed through a listing on the Tokyo Stock Exchange in roughly a year.

ValueAct Capital added that if there was no credible strategic plan, shareholders would expect the board to recommend to shareholders to accept an acquisition proposal if it ?provides enough certainty of superior quantitative value.?