Seven & i Holdings, parent company of 7-Eleven, has received a buyout proposal from a member of its founding Ito family. Vice President Junro Ito, the founder’s son, issued the proposal along with his company Ito Kogyo.

According to The Japan Times, “The effort, which brings together a member of the company’s founding family, a giant trading company and some of Japan’s largest banks, is the latest twist in the battle for control of one of Japan’s most successful enterprises and one of the world’s best-recognized brands.”

According to Reuters, the offer is “non-binding and under review by the same special committee set up to assess Couche-Tard's takeover bid.”

“We are committed to an objective review of all alternatives before us as we consider proposals from Mr. Ito and Ito Kyogo, from ACT, as well as the company’s standalone opportunities to unlock shareholder value,” said Stephen Dacus, chair of the special committee and board of directors, in a statement from Seven & i.

The offer is a counterbid to the recently revised takeover bid Seven & i Holdings received from Alimentation Couche-Tard (ACT) at the beginning of October, which raised its initial takeover bid by about 20%. The initial bid from ACT was announced in August.

According to the Financial Times, “preliminary and limited” talks had tentatively commenced between ACT and Seven & i just before the management buyout offer was issued.

“No determination has been made at this time to pursue a transaction with either Mr. Ito and Ito Kogyo, ACT or any other party, and there can be no assurance that any such transaction will be entered into or consummated,” Seven & i said in the statement.

Bloomberg News reported that the offer could be worth up to 9 trillion yen ($58 billion), and that some 6 million yen in financing was being discussed. At that size, the deal would be the largest management buyout offer in history.