Canadian retail giant Alimentation Couche-Tard has withdrawn its proposal to acquire Seven & i Holdings Co., the Japanese parent company of the 7-Eleven convenience store chain, citing prolonged delays and a lack of meaningful dialogue in the negotiation process.
Couche-Tard, which operates the global Circle K chain, had shown continued interest after its initial offer was turned down last year. In a letter dated July 16 and addressed to Seven & i’s board, the Canadian firm said it had proposed a revised offer of 2,600 yen ($17.50) per share in cash earlier this year—representing a 47.6% premium over the market price. The original offer, made in 2023, was 2,200 yen ($14.86) per share.
Signed by top executives, including founder Alain Bouchard, the letter accused Seven & i of stalling negotiations through "obfuscation and delay," and expressed disappointment over the lack of transparency and productive discussions.
Couche-Tard, which operates nearly 17,000 stores across more than 30 countries, claimed that essential documents were withheld, key executives failed to attend meetings, and the discussions that did occur were limited to scripted briefings.
In response, Seven & i acknowledged the bid withdrawal and maintained that it had engaged “constructively and in good faith.” The company reaffirmed its commitment to its independent growth strategy, including efforts to enhance the value of its North American convenience store operations.
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Industry analysts have previously criticized Seven & i’s management for not fully capitalizing on the brand’s global potential. The company recently appointed Stephen Hayes Dacus—the first non-Japanese CEO of 7-Eleven—who aims to streamline operations and localize store offerings.
Seven & i reported a profit of 49 billion yen ($330 million) in the first fiscal quarter, largely driven by asset sales at its Ito-Yokado retail unit. Quarterly sales remained stable, boosted by favorable currency exchange rates.
The 7-Eleven franchise operates over 85,000 outlets worldwide, including in Japan, the U.S., and Europe, and remains a fixture of daily life in Japan.