Alimentation Couche-Tard withdraws Seven & i bid

Alimentation Couche-Tard has withdrawn its $47 billion bid to acquire Seven & I Holdings, citing a lack of constructive engagement from the Japanese retailer. This move ends a year-long attempt by Alimentation Couche-Tard to create a global convenience store giant by merging its Circle K brand with Seven & I Holdings' Seven & I Holdings — 7-Eleven. Alimentation Couche-Tard accused Seven & I Holdings of a 'calculated campaign of obfuscation and delay.' Seven & I Holdings' shares fell 9% following the news, while Alimentation Couche-Tard's stock is expected to rise. The event has been seen as a test case for corporate Japan's openness to foreign takeovers, with Seven & I Holdings having resisted the bid despite efforts to improve its own earnings and demonstrate independent growth, including appointing Stephen Hayes Dacus as its first foreign CEO, selling non-core assets, and planning a share buyback and a listing of its North American business. Alimentation Couche-Tard had explored alternative proposals, including acquiring only Seven & I Holdings' international business or a minority stake in its Japanese operations, but these were also met with resistance or deemed insufficient.