{"schemaVersion":1,"@context":"https://schema.org","@type":"Article","identifier":"2005_legacy_foreign_7eleven_inc_sej","headline":"7-Eleven, Inc.のTOB・MBO事例：Seven-Eleven Japan / IYG Holding Co.（2005-09-01公表・2005年収録）","description":"Seven-Eleven Japanは完全子会社IYG Holding Co.を通じ、7-Eleven, Inc.の未保有株へ当初1株32.50米ドルを提示し、最終的に37.50米ドルへ引き上げた。26,640,096株を取得して保有比率は約95.4％となり、短期合併で完全子会社化した。","canonicalUrl":"https://tobradar.com/tob/deals/2005-legacy_foreign_7eleven_inc_sej/","machineReadableUrl":"https://tobradar.com/tob-data/cases/2005-legacy_foreign_7eleven_inc_sej.json","catalogUrl":"https://tobradar.com/tob-data/cases.json","inLanguage":"ja","datePublished":"2026-07-17","dateModified":"2026-07-17","dataUpdatedAt":"2026-07-19T03:45:28.564Z","author":{"@type":"Person","name":"noru","url":"https://tobradar.com/about/"},"citation":[{"@type":"DigitalDocument","identifier":"s-legacy-foreign-7eleven-inc-sej-0","name":"Announcing a Group Reorganization to Make 7-Eleven Inc. a Wholly Owned Subsidiary","url":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/0901_02_e.pdf","datePublished":"2005-09-01","publisher":{"@type":"Organization","name":"Seven-Eleven Japan / 7-Eleven, Inc."},"encodingFormat":"application/pdf"},{"@type":"DigitalDocument","identifier":"s-legacy-foreign-7eleven-inc-sej-1","name":"Seven-Eleven Japan Increases Offer for Shares of 7-Eleven, Inc. to $37.50 Per Share; Special Committee of 7-Eleven, Inc. 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2005-11-08","tenderAgent":null,"subAgent":null,"tenderFilingYear":null,"listingStatus":null,"scheduleStatus":"closed","finalStatus":"成立","lastEventDate":"2005-11-09","lastEventTitle":"Seven-Eleven Japanが7-Eleven, Inc.への現金TOBを完了し約95.4%を保有","lastEventUrl":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/0901_02_e.pdf","eventCount":4,"dealType":"海外TOB","isJapaneseTenderOfferFiling":false,"isMbo":false,"isSelfTender":false,"isHighPremium":true,"isLowPremium":false,"isDiscount":false,"generatedAt":"2026-06-09T21:06:14.472Z","replaceSources":false,"sources":[{"title":"Announcing a Group Reorganization to Make 7-Eleven Inc. a Wholly Owned Subsidiary","url":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/0901_02_e.pdf","source":"Seven & I Holdings / Seven-Eleven Japan","kind":"official","confidence":"high"},{"title":"Seven-Eleven Japan Increases Offer for Shares of 7-Eleven, Inc. to $37.50 Per Share","url":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/1021_01_e.pdf","source":"Seven & I Holdings / Seven-Eleven Japan","kind":"official","confidence":"high"},{"title":"Seven-Eleven Japan Completes Cash Tender Offer for 7-Eleven, Inc.","url":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/1109_01_e.pdf","source":"Seven & I Holdings / Seven-Eleven Japan","kind":"official","confidence":"high"}],"bidderCode":null,"year":2005,"caseStudyUrl":"https://tobradar.com/tob/deals/2005-legacy_foreign_7eleven_inc_sej/","caseStudyJsonUrl":"https://tobradar.com/tob-data/cases/2005-legacy_foreign_7eleven_inc_sej.json"},"research":{"schemaVersion":2,"year":2005,"dealId":"2005_legacy_foreign_7eleven_inc_sej","editorialStatus":"publish_ready","researchedAt":"2026-07-17","reviewedAt":"2026-07-17","author":"noru","reviewedBy":"noru","sources":[{"id":"s-legacy-foreign-7eleven-inc-sej-0","tier":"secondary","documentType":"tender_offer_announcement","publisher":"Seven-Eleven Japan / 7-Eleven, Inc.","title":"Announcing a Group Reorganization to Make 7-Eleven Inc. a Wholly Owned Subsidiary","url":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/0901_02_e.pdf","publishedAt":"2005-09-01","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"s-legacy-foreign-7eleven-inc-sej-1","tier":"secondary","documentType":"tender_offer_announcement","publisher":"Seven-Eleven Japan / 7-Eleven, Inc.","title":"Seven-Eleven Japan Increases Offer for Shares of 7-Eleven, Inc. to $37.50 Per Share; Special Committee of 7-Eleven, Inc. Recommends Revised Offer","url":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/1021_01_e.pdf","publishedAt":"2005-10-21","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"s-legacy-foreign-7eleven-inc-sej-2","tier":"secondary","documentType":"result_notice","publisher":"Seven-Eleven Japan / 7-Eleven, Inc.","title":"Seven-Eleven Japan Completes Cash Tender Offer for 7-Eleven, Inc.","url":"https://www.7andi.com/library/dbps_data/_template_/_res/en/company/news/pdf/2005/1109_01_e.pdf","publishedAt":"2005-11-09","accessedAt":"2026-07-17","mediaType":"application/pdf"},{"id":"s-legacy-foreign-7eleven-inc-sej-x0","tier":"primary","documentType":"tender_offer_statement","publisher":"U.S. Securities and Exchange Commission","title":"Offer to Purchase for all outstanding shares of 7-Eleven, Inc.","url":"https://www.sec.gov/Archives/edgar/data/92344/000104746905022499/a2162706zex-99_a1i.htm","publishedAt":"2005-09-06","accessedAt":"2026-07-17"},{"id":"s-legacy-foreign-7eleven-inc-sej-x1","tier":"primary","documentType":"tender_offer_statement","publisher":"U.S. Securities and Exchange Commission","title":"Schedule TO Amendment No. 9 concerning the amended offer and shareholder litigation settlement","url":"https://www.sec.gov/Archives/edgar/data/92344/000104746905025785/a2164684zscto-ta.htm","publishedAt":"2005-11-01","accessedAt":"2026-07-17"},{"id":"s-legacy-foreign-7eleven-inc-sej-x2","tier":"primary","documentType":"result_notice","publisher":"U.S. Securities and Exchange Commission","title":"Form 8-K reporting completion of tender offer and short-form merger","url":"https://www.sec.gov/Archives/edgar/data/92344/000104746905026575/a2164954z8-k.htm","publishedAt":"2005-11-09","accessedAt":"2026-07-17"},{"id":"s-legacy-foreign-7eleven-inc-sej-x3","tier":"primary","documentType":"result_notice","publisher":"U.S. Securities and Exchange Commission","title":"Schedule TO Amendment No. 10 final amendment reporting tender offer results","url":"https://www.sec.gov/Archives/edgar/data/92344/000104746905026528/a2164965zscto-ta.htm","publishedAt":"2005-11-09","accessedAt":"2026-07-17","mediaType":"text/html"}],"facts":[{"id":"f-legacy-foreign-7eleven-inc-sej-1","text":"SEC提出の買付説明書は、Seven-Eleven Japan側が未保有の7-Eleven, Inc.普通株全てを1株32.50米ドルの現金で取得する当初提案を示す。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x0"],"locator":"Offer to Purchase・Offer terms","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-2","text":"買付主体IYG Holding Co.はSeven-Eleven Japanの完全子会社として設立された。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x0"],"locator":"Offer to Purchase・Purchaser structure","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-3","text":"当初の買付けは2005年9月6日に開始され、期限は同年10月3日深夜とされた。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x0"],"locator":"Offer to Purchase・Commencement and expiration","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-4","text":"SECの変更届は買付価格が1株32.50米ドルから37.50米ドルへ5.00米ドル・約15.38％引き上げられたことを記録する。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x1"],"locator":"Schedule TO amendment・Amended price","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-5","text":"SEC提出の完了報告は、公開買付け後の短期合併で残存株が1株37.50米ドルの現金を受け取る権利へ転換されたと説明する。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x2"],"locator":"Form 8-K・Completion and short-form merger","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-6","text":"7&i側の結果資料は26,640,096株が応募され、買付後保有比率が約95.4％になったと公表した。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-2","s-legacy-foreign-7eleven-inc-sej-x3"],"locator":"7&i result notice・Tendered shares and ownership","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-7","text":"同結果資料は現金公開買付けの完了後、短期合併で100％子会社化する計画を示した。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-2","s-legacy-foreign-7eleven-inc-sej-x2"],"locator":"Result notice and Form 8-K・Merger step","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-8","text":"開始時、Seven-Eleven Japan側は普通株式の約72.7％を保有し、転換証券を株式換算すると約75.7％だった。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x0"],"locator":"Offer to Purchase・Parent ownership","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-9","text":"当初提案には非親会社保有株式の過半数応募という放棄不能条件と、完全希薄化後90％保有という条件が置かれた。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x0"],"locator":"Offer to Purchase・Minimum condition and 90% condition","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-10","text":"Schedule TO Amendment No. 9は、特別委員会の助言者による交渉と、修正対価が少数株主に財務的に公正とのGreenhill意見を記録する。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x1"],"locator":"Schedule TO Amendment No. 9・Negotiations and fairness opinion","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-11","text":"最終変更届の取得数26,640,096株に1株37.50米ドルを乗じた応募株式への現金対価は999,003,600米ドルであり、全取引価値とは異なる。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x3"],"locator":"Schedule TO Amendment No. 10・取得株数と最終価格から算出","confidence":"confirmed"},{"id":"f-legacy-foreign-7eleven-inc-sej-12","text":"買付説明書は完全子会社化後に商品政策、店舗改装、物流・配送、情報システムへの投資を進める必要性を取引理由に挙げた。","sourceIds":["s-legacy-foreign-7eleven-inc-sej-x0"],"locator":"Offer to Purchase・Purpose and reasons for the offer","confidence":"confirmed"}],"analysis":{"lead":{"text":"Seven-Eleven Japanは完全子会社IYG Holding Co.を通じ、7-Eleven, Inc.の未保有株へ当初1株32.50米ドルを提示し、最終的に37.50米ドルへ引き上げた。26,640,096株を取得して保有比率は約95.4％となり、短期合併で完全子会社化した。","evidence":["f-legacy-foreign-7eleven-inc-sej-1","f-legacy-foreign-7eleven-inc-sej-2","f-legacy-foreign-7eleven-inc-sej-3","f-legacy-foreign-7eleven-inc-sej-4","f-legacy-foreign-7eleven-inc-sej-5","f-legacy-foreign-7eleven-inc-sej-6"]},"background":[{"text":"開始時の親会社側保有は普通株式ベース約72.7％、転換証券を株式換算すると約75.7％だった。既存支配株主が残存公開株を取得する親子会社間取引であり、少数株主との利益相反があった。","evidence":["f-legacy-foreign-7eleven-inc-sej-2","f-legacy-foreign-7eleven-inc-sej-8","f-legacy-foreign-7eleven-inc-sej-9"]},{"text":"提案には非親会社保有株式の過半数応募という放棄不能条件と、完全希薄化後90％保有条件が置かれた。90％到達後は短期合併を行い、残存株にも同じ1株37.50米ドルを交付した。","evidence":["f-legacy-foreign-7eleven-inc-sej-5","f-legacy-foreign-7eleven-inc-sej-7","f-legacy-foreign-7eleven-inc-sej-9"]}],"rationale":[{"text":"買付説明書が示した理由は、競争力と持続的成長のための商品政策、店舗改装、物流・配送、情報システムへの投資だった。ブランド統合など資料にない一般的シナジーは本件固有の目的として補わない。","evidence":["f-legacy-foreign-7eleven-inc-sej-1","f-legacy-foreign-7eleven-inc-sej-12"]},{"text":"1株32.50米ドルから37.50米ドルへの引上げ幅は5.00米ドル、率にして約15.38％だった。SEC変更届は特別委員会側助言者との交渉と、修正対価に関するGreenhillの公正意見を記録する。","evidence":["f-legacy-foreign-7eleven-inc-sej-1","f-legacy-foreign-7eleven-inc-sej-4","f-legacy-foreign-7eleven-inc-sej-10"]}],"premiumView":{"text":"最終価格37.50米ドルは初回32.50米ドルを約15.38％上回った。最終取得26,640,096株への単純な現金対価は999,003,600米ドルだが、これは既保有株や他費用を含む全取引価値ではない。","evidence":["f-legacy-foreign-7eleven-inc-sej-1","f-legacy-foreign-7eleven-inc-sej-4","f-legacy-foreign-7eleven-inc-sej-11"]},"shareholderAngle":{"text":"少数株主保護として非親会社保有株式の過半数応募条件が放棄不能で置かれ、修正対価には特別委員会側助言者の交渉と公正意見があった。非応募株も短期合併で同じ1株37.50米ドルを受け取った。","evidence":["f-legacy-foreign-7eleven-inc-sej-5","f-legacy-foreign-7eleven-inc-sej-9","f-legacy-foreign-7eleven-inc-sej-10"]},"outcomeAssessment":{"text":"最終Schedule TOは26,640,096株の取得と約95.4％保有を報告し、全有効応募株を支払対象として受け入れた。続く短期合併で残存株を同額現金へ転換し、完全子会社化の取引手順は完了した。","evidence":["f-legacy-foreign-7eleven-inc-sej-5","f-legacy-foreign-7eleven-inc-sej-6","f-legacy-foreign-7eleven-inc-sej-7"]},"limitations":[{"text":"SECの買付説明書、Schedule TO Amendment No. 9、最終Amendment No. 10、完了報告により、初回32.50米ドル、最終37.50米ドル、過半数・90％条件、26,640,096株取得、約95.4％、短期合併まで確認した。ただし米国案件であるため、日本の公開買付制度と同じ手続・開示構造を前提に比較しない。","evidence":["f-legacy-foreign-7eleven-inc-sej-1","f-legacy-foreign-7eleven-inc-sej-2","f-legacy-foreign-7eleven-inc-sej-3","f-legacy-foreign-7eleven-inc-sej-4","f-legacy-foreign-7eleven-inc-sej-5","f-legacy-foreign-7eleven-inc-sej-6","f-legacy-foreign-7eleven-inc-sej-7","f-legacy-foreign-7eleven-inc-sej-8","f-legacy-foreign-7eleven-inc-sej-9","f-legacy-foreign-7eleven-inc-sej-10","f-legacy-foreign-7eleven-inc-sej-11","f-legacy-foreign-7eleven-inc-sej-12"]}]}}}