Seven & I Holdings said it will consider strategic options, including spinoffs and public listings, as it seeks to boost shareholder returns in response to activist fund ValueAct Capital Management’s questions about its conglomerate structure.

A new review committee of outside board members will recommend changes and execute them, the eight independent directors said in a statement Thursday. Seven & I also announced a change to its finance and credit-card operations, and set a goal of delivering greater shareholder returns via better cash flow, payouts and growth in its convenience-stores business.

ValueAct has been pushing Seven & I to improve its valuation, calling on the Tokyo-based retailer to "pursue bold, structural reform and pursue it with urgency.” The investor is pushing Seven & I to narrow its business focus to 7-Eleven, which it said could become a global champion as a convenience store franchise and boost the company’s value.