Shares in Seven & I Holdings jumped in early Tokyo trading on Wednesday following a media report that the founding family behind the Japanese retailer was aiming to take it private within this financial year ending in March.

The shares surged as much as 11 per cent and finished the morning session up 8. per cent at $17.07, compared with a 0.45 per cent drop in the benchmark Nikkei average.

The operator of more than 80,000 7-Eleven convenience stores around the world is caught in a three-way tug-of-war between a foreign takeover suitor, its founding family, and company management who say their growth plan can enhance value.

Japanese public broadcaster NHK reported on Tuesday that the founding Ito family aims to raise more than $51.7 billion to take the company private through a special purpose company, which is in talks with Japan’s three largest lenders and major US financial institutions.

Canada’s Alimentation Couche-Tard, which competes with Seven & I in the North American gas station market, in August made an initial bid to take over the Japanese retail giant. It later raised its offer to $47 billion, in what would be the largest-ever foreign takeover of a Japanese company.

Seven & I said on Wednesday that it was not the source of a media report about the founding family’s bid. The company said no decision has been made about proposed deals from the Ito family, Couche-Tard or any third party.

• Reporting by Satoshi Sugiyama, Ritsuko Shimizu and Rocky Swift; Editing by Chang-Ran Kim, of Reuters.