Canada’s Alimentation Couche-Tard has withdrawn its record-breaking $46bn proposal to acquire Japan’s Seven & i Holdings, bringing an end to its year-long campaign to pull the 7-Eleven owner to the negotiating table on friendly terms.
Couche-Tard, which owns the Circle K chain, on Thursday said a lack of “constructive engagement” by Seven & i had prompted it to withdraw the unsolicited takeover proposal that would have resulted in the largest foreign acquisition of a Japanese company.
Shares in Seven & i fell 9.2 per cent on Thursday to ¥2,008, which is 22 per cent below the Couche-Tard offer price.
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