Seven & i Holdings Co., the target of a buyout proposal by Canada’s Alimentation Couche-Tard Inc., is a sprawling global retailer that includes banking, online ticketing, superstores and even Tower Records, a once-popular US record store that went bankrupt. The Japanese retailer originated as a clothing store a century ago and evolved into a general merchandiser, selling everything from groceries and sundries, to clothing and home goods as Ito-Yokado. After bringing 7-Eleven shops and Denny’s restaurants to the country in 1974, the convenience store concept turned out to be transformational for the company, which later took over the entire chain and embraced it as part of its name. Over the past several years, Seven & i’s sprawl has attracted the attention of activist investors, who have pushed for the retailer to focus its efforts on turning the 7-Eleven network into a global powerhouse, given the strength of the brand and its operating prowess. The Japanese retailer should be worth more than it does now — ¥5.62 trillion ($38.4 billion) — without a conglomerate discount, they have argued.