The offer came from Seven & i Holdings representative director and Vice President Junro Ito and the Ito-Kogyo firm, which is owned by the Ito family.

Isaka said officials for ACT also submitted a proposal to buy the company, and an independent panel is reviewing all buyout proposals for the 7-Eleven chain.

“We are committed to an objective review of all alternatives before us as we consider proposals from Mr. Ito and Ito-Kogyo, from ACT, as well as the company’s stand-alone opportunities to unlock shareholder value,” Isaka said.

The Ito family owns Ito-Kogyo and can secure family funds to large banks to fund the proposed buyout, Kyodo News reported Wednesday.

He said a special committee of the Seven & i Holdings’ independent outside directors is reviewing the proposal “carefully and thoroughly” with financial and legal advisers while Ito is excluded from all discussions regarding the proposal.

Isaka said the board of directors has not made a decision to pursue a sale with Ito and Ito-Kogyo, ACT or any other party.

“In the meantime, the company will continue to focus on executing its business plans and the actionable avenues the company sees to realize and unlock shareholder value in the near- to medium-term,” Isaka said.

ACT in October increased a buyout offer to $47 billion, or 7 trillion yen, for the 7-Eleven chain of convenience stores.

The offer from Ito-Kogyo is significantly lower than the offer from ACT at about $39 billion, or more than 6 trillion yen, Kyodo News reported.

Seven & i Holdings in September rejected a similar offer from ACT, saying it greatly undervalued the company.

ACT then increased its buyout offer by 20% to the current $47 billion offer.

Seven & i Holdings owns and operates more than 80,000 7-Eleven convenience stores around the world.