DALLAS -- 7-Eleven Inc. has announced that the special committee of its board of directors has retained Greenhill & Co. LLC as its financial advisor and Weil, Gotshal & Manges, LLP as its legal advisor to assist the special committee with its evaluation of the unsolicited tender offer commenced by Seven-Eleven Japan Co. Ltd.
As announced last week, the special committee comprised solely of independent directors of 7-Eleven is analyzing the unsolicited tender offer by Seven-Eleven Japan Co. Ltd. of $32.50 per share in cash for all of the outstanding [image-nocss] shares of 7-Eleven's common stock that it does not currently own.
On or before September 19, 2005, the special committee will advise shareholders as to whether it recommends acceptance or rejection of the tender offer, expresses no opinion and remains neutral toward the tender offer, or is unable to take a position with respect to the tender offer. At such time, the special committee will include the reasons for its position taken with respect to the tender offer or its inability to take a position. In the meantime, the special committee recommends that shareholders defer making any determination with respect to the Seven-Eleven Japan offer until the special committee has made its recommendation.
In other 7-Eleven news, president and CEO Jim Keyes issued a statement Friday after learning of the death of Lew Platt, a former director of 7-Eleven.
We at 7-Eleven were deeply saddened to hear the news today of Lew Platt's untimely passing and wish to send our deepest sympathies to his family. Mr. Platt served as a director of 7-Eleven Inc. from June 2001 until April 2005. His depth of experience and thoughtful approach made a lasting contribution to 7-Eleven. Mr. Platt was an outstanding individual and was widely admired for his integrity, compassion, and intellect. We are privileged to have had the opportunity to work with him.
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