TOKYO: The Ito founding family behind Japanese retailer Seven & I is aiming to raise more than 8 trillion yen ($52 billion) to take it private by the end of this fiscal year, the World Bank reported on Tuesday. Japanese public broadcaster NHK.

The family has established a special purpose company that is in talks with Japan’s three largest lenders and major U.S. financial institutions to raise funds to take the 7-Eleven owner private.

A spokesperson for Seven & I could not be reached for comment outside of normal business hours in Tokyo.

Seven & I has been under pressure to convince investors it can increase value on its own and fend off a $47 billion takeover bid from Canadian company Alimentation Couche-Tard.

It said last week it had received a buyout proposal from the founding Ito family.

Privatization would allow it to continue under current management and eliminate pressure from shareholders to sell more of its assets – as well as eliminate the threat of a bidder it might view as hostile. A management buyout offer could also be a tactic to force Couche-Tard to bid higher.

The company’s shares closed roughly Tuesday, but soared more than 50 percent to record highs since August as takeover speculation grew.

($1 = 153.5100 yen)