Today, Canadian retailer Alimentation Couche-Tard announced in a press statement that it has withdrawn its $47 billion bid to acquire Seven & i Holdings, “due to a lack of constructive engagement by Seven & i.”
In a letter to Seven & i’s board of directors, Couche-Tard stated: “We have, for some time, tried to engage with your Special Committee on this proposal through constructive, friendly discussions in which we have clearly demonstrated that our proposal is fully financed and that there is a clear path to gaining regulatory approvals. We have repeatedly sought a friendly dialogue with the Ito family but they have not been open to any conversation. We also stated that there may be an opportunity to enhance the economic terms of our proposal if we are afforded access to additional diligence information.”
“Since entering into the NDA, there has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal, contrary to comments made publicly by 7&i representatives, including in the July 11, 2025 earnings call in which 7&i noted it is “seriously” considering our proposal.
“Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders. We believe this approach reinforces our concerns about your approach to governance. Based on this persistent lack of good faith engagement, we are withdrawing our proposal.”
In response to the announcement, Seven & i issued a statement saying, “while we are disappointed by ACT’s decision, and disagree with their numerous mischaracterizations, we are not surprised.”
The unexpected decision halts what might have been the biggest foreign acquisition of a Japanese firm, as Couche-Tard, operator of Circle K, aimed to build a global convenience store powerhouse by purchasing the company behind 7-Eleven.
By CEO NA Editorial Staff
