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  "documentTitle": "ValueAct Seven i Holdings Presentation February 2022",
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      "text": "Seven & i is not the best owner for the low ROIC tenant business. It is worth more to property specialist",
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      "text": "Sources: Public company documents, VAC analysis. Memo: Assumes Ito-Yokado food retail operations earn York-Benimaru level of profitability and sales per square meter. Assumes rent expense per square meter is the same across the Ito-Yokado food and non-food square footage.",
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      "text": "Heavy transformation is required to reposition Ito-Yokado for the long term. The steps to concentrate the operations on food retail and find better owners for much of the owned real estate can be best accomplished as a separate company",
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      "text": "Step 2. Separate Ito-Yokado With Restructuring Plan",
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