KKR and Bain Capital offered more than USD5bn each in first-round bids for non-core assets of Seven & i Holdings, sources said. KKR submitted about JPY800bn (USD5.1bn), while Bain bid JPY1.2tr, and Japan Industrial Partners offered roughly JPY750bn. All three advanced to the second round, exceeding the JPY500bn enterprise value Seven & i had initially expected, sources said. The assets include the retailer’s supermarkets, baby goods stores, and Denny’s restaurants in Japan. Meanwhile, the founding family is in talks to privatise Seven & i via a management buyout to fend off a USD47bn offer from Alimentation Couche-Tard. A winning bid could be decided as early as February. Bidders may adjust offers after due diligence, sources said.