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Couche-Tard Pulls $47 Billion Bid for Seven & i

It underscores the regulatory hurdles that have stalled foreign bids for Japanese firms.

FILE PHOTO: A journalist attends Alimentation Couche-Tard's press conference on their bid for 7-Eleven convenience store operator Seven & i Holdings in Tokyo, Japan, March 13, 2025. REUTERS/Kim Kyung-Hoon/File Photo
A Couche-Tard sign is seen in Montreal, Thursday, Sept. 5, 2024. THE CANADIAN PRESS/Christinne Muschi
HARRISVILLE, RI – OCTOBER 14: “Annabelle” doll in the house’s living room at the “Conjuring” house in Harrisville, RI on Oct. 14, 2020. The house, a 3,100 square foot farmhouse and eight-acre property made famous by the movie series that began in 2013, is open for overnight stays. The owners are Jennifer and Cory Heinzen, paranormal investigators. (Photo by Barry Chin/The Boston Globe via Getty Images)
A screen displays logos of Couche-Tard and Seven & i Holdings on the day of a press conference, in Tokyo, Japan, March 13, 2025. REUTERS/Kim Kyung-Hoon/File Photo

Overview

  • The decision ends a nearly year-long friendly takeover attempt to merge Circle K and 7-Eleven into a global convenience retail leader.
  • Couche-Tard blamed a lack of “sincere or constructive engagement” from Seven & i’s management and founding Ito family despite a signed NDA and limited due diligence.
  • Shares of Seven & i plunged more than nine percent on the withdrawal and trading was briefly halted in Tokyo, hitting a three-month low.
  • Seven & i defended its good-faith cooperation and said it remains committed to a standalone value creation plan that includes asset divestitures and a ¥2 trillion share buyback.
  • Analysts say the failed bid highlights enduring U.S. antitrust scrutiny and Japan’s cautious corporate governance stance toward foreign takeovers.