Canada’s Alimentation Couche-Tard (ACT) has withdrawn its $47bn proposal to acquire Japanese retail giant Seven & i Holdings.
ACT, the parent company of Circle K, blamed a lack of “constructive engagement” by 7-Eleven owner during the almost year-long pursuit since acquisition talks began in July 2024.
ACT proposed the acquisition of Seven & i in October 2024, valuing the shares at $14.86 each.
In March 2025, the two companies agreed to evaluate the practicality of a divestment plan, identifying potential buyers and detailing the operational, administrative and financial characteristics of the stores designated for sale.
Following a meeting on 18 April, ACT and Seven & i entered a non-disclosure agreement (NDA) with customary standstill provisions.
ACT stated: “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”.
Seven & i responded to ACT's withdrawal statement, confirming that the latter “unilaterally decided to end discussions and withdraw its proposal to acquire the company”.
Seven & i highlighted significant changes in the global economy, exchange rates and financing markets since the initial proposal.
The company also pointed out to “the extraordinary antitrust hurdles a potential transaction would face, including the protracted timeframe to move through the regulatory process.
“We remain fully committed to our standalone value creation plan, which we have been pursuing in parallel, and to unlocking the value of our businesses, including our North American convenience store business. Our plan is concrete and actionable. With the proceeds from the sale of our superstore business and an IPO [initial public offering] of our North American convenience store business, we aim to return approximately JPY2tn to shareholders through share buybacks by the end of FY2030."
