TOKYO (Reuters) -Japanese retailer Seven & I Holdings Co Ltd said on Thursday it would form a committee to consider strategies, but rebuffed criticism from activist investor ValueAct Capital, saying it had not presented any plans to enhance value.

ValueAct, which owns a 4.4% stake in Seven & I, has said the 7-Eleven convenience store owner is “vastly underperforming its potential” and should consider structural reforms and asset sales.

One of its demands was the formation of a strategic review committee, consisting of outside directors. This would examine whether the sale or spin-off divisions or a business combo with a third party will deliver greater value and strategic benefits for the company’s stakeholders.

In a response letter, Seven & I said its management structure enables smooth decision making, and that shareholders have ample opportunity to communicate with outside directors, citing 10 dialogues between the company and ValueAct last year.

The U.S.-based fund also stated that they had no plans to increase corporate value. However, ValueAct requested an answer. ValueAct was informed by ValueAct that outside directors would present questions to shareholders and would create a committee to discuss management strategies.

The business daily reported on Monday that Seven & I is in negotiations to sell its department store unit Sogo & Seibu.

Seven stated that “nothing was decided” but said that it was possible to sell.