Seven & i Holdings revealed that it received a management buyout proposal by a member of its founding family, according to sources. 

The buyout rivals a 7-trillion-yen takeover offer the Japanese retail giant has received from Canada’s Alimentation Couche-Tard that owns Circle K. 

The buyout would make the company go private, and has approached financial institutions and trading company giant Itochu for funding, according to sources.

Seven & i has strongly opposed the Canadian convenience store giant’s approach.