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ValueAct Capital Management has criticized Seven & i Holdings, saying it did not provide clear answers to its questions.

ValueAct Capital criticized Seven & i Holdings on Friday, stating that the Japanese retail giant had not provided clear answers to the nine questions posed by the activist fund. In response, Seven & i’s independent directors had issued a statement stating that they would continue to review the company’s strategies.

However, ValueAct remained unconvinced and expressed its intent to provide shareholders with an opportunity to vote for new directors who would lead the company towards a better future. With a 4.4% stake in Seven & i, ValueAct remains a major shareholder in the company.

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