Japan’s Seven & i Holdings SVNDY is weighing a takeover offer from a member of its founding Ito family, a white-knight bid that could thwart efforts by Canada’s Alimentation Couche-Tard Inc. ATD-T to buy the 7-Eleven convenience store chain.

Seven & i Holdings Co. is mulling a management buyout (MBO) to counter a takeover bid, The Asahi Shimbun learned on Nov. 13.

The Canadian company made a revised offer for Seven & i last month after an earlier proposal was rebuffed by the Japanese firm because it was too low, among other reasons.

The Japanese owner of 7-Eleven says it has received a new management buyout proposal from a member of the family that helped found the company, offering an alternative to the takeover bid from Alimentation Couche-Tard Inc.

Japan's Seven & i Holdings has received a buyout proposal from a member of its founding Ito family, it said on Wednesday, a potential $58 billion white-knight bid as it weighs a rival offer from Canada's Alimentation Couche-Tard The offer for Ito-Kogyo,