Overview

• Couche-Tard officially withdrew its US$47 billion bid on July 16, blaming a lack of constructive engagement from Seven & i’s management and the Ito family.
• The move ends a year-long campaign to merge its Circle K and Ingo chains with 7-Eleven to form one of the world’s largest convenience retailers.
• Seven & i’s shares tumbled over 9% in Tokyo trading and were briefly halted, while Couche-Tard’s stock rallied on relief that the deal would not proceed.
• Seven & i rejected claims of obstruction and reaffirmed its standalone value-creation plan, including asset divestitures and a ¥2 trillion share buyback.
• The failed bid underscores persistent US antitrust pressures and Japan’s protective governance environment that have long challenged foreign takeover attempts.