In other words, this MBO plan is also a defensive measure against ACT's potential hostile takeover if they proceed without an agreement. The Ito family, Itochu Corporation, and their partner banks have entered concrete negotiations. Seven & i Holdings stated that it has formed a special committee, which will conduct a comprehensive and prudent evaluation together with financial and legal advisors. Stephen Dacus, chairman of the special committee composed of external directors, said: "We will continue dialogue with all relevant parties to maximize value." After the news was released, Seven & i's stock price surged up to 17%, marking the largest intraday gain since August 19. Itochu Corporation fell 3.4% at one point. Behind this acquisition, the financing plan has taken shape: the Ito family, together with investors such as Itochu Corporation, will contribute about 3 trillion yen, while the remaining 6 trillion yen will be provided by Japan's three major financial giants—Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Bank, and Mizuho Bank—in the form of a syndicated loan. These three banks, as long-term partners of Seven & i, have a deep understanding of the retail giant and will provide strong support for this financing deal. From a data perspective, the scale of this transaction is staggering. Previously, the largest management buyout in Japan was the 700 billion yen deal completed by Taisho Pharmaceutical Holdings this year; even in the broader M&A market, this would surpass Takeda Pharmaceutical's historic record of 7 trillion yen in acquiring Shire Pharmaceuticals. This comparison highlights the extraordinary scale and significance of this transaction. If successful, it would not only become the largest M&A deal in Japanese history but also send a strong signal to global investors: Japanese companies are undergoing profound transformation and restructuring, and traditional business models are facing new challenges and opportunities. M&A is Full of Uncertainty Interestingly, more than two decades later, Itochu Corporation has become the actual controller of FamilyMart, and Seven & i, facing pressure from foreign acquisitions, has to consider seeking support from a trading company. This historical turn, to some extent, confirms the profound changes in Japan's retail industry. In the view of Masaki Shiba, a former executive of Itochu Corporation's business division, spending 9 trillion yen to acquire a company with 10 trillion yen in sales is unprecedented in the Japanese market. Since Itochu owns FamilyMart, if Itochu supports 7-Eleven, it would create an unpredictable super situation, and this case is worth attention.