- Alimentation Couche-Tard (TSX:ATD) withdrew its $46 billion bid to acquire Seven & i Holdings (PINL:SVNDF), the Japanese parent company of 7-Eleven, citing a lack of constructive engagement and transparency throughout the negotiation process
- Couche-Tard expressed deep frustration over what it described as a “calculated campaign of obfuscation and delay” by the retailer
- Seven & i responded Thursday, stating it was “disappointed but not surprised” by Couche-Tard’s decision
- Alimentation Couche-Tard stock (TSX:ATD) opened trading at C$79.26
Canadian convenience store giant Alimentation Couche-Tard (TSX:ATD) has officially withdrawn its ambitious $46 billion bid to acquire Seven & i Holdings (PINL:SVNDF), the Japanese parent company of 7-Eleven, citing a lack of constructive engagement and transparency throughout the negotiation process.
This content has been prepared as part of a partnership with Alimentation Couche-Tard Inc. and is intended for informational purposes only.
In a sharply worded letter addressed to Seven & i’s Board of Directors, Couche-Tard expressed deep frustration over what it described as a “calculated campaign of obfuscation and delay” by the Japanese retailer. The Laval, Québec-based operator of Circle K stores had proposed a ¥2,600 per share all-cash offer, representing a 47.6 per cent premium over Seven & i’s unaffected stock price.
Despite signing a non-disclosure agreement in April 2025 and holding meetings in Tokyo and Dallas, Couche-Tard said it received minimal due diligence information and faced resistance from key executives. The company claimed that critical questions were left unanswered and that management meetings were tightly controlled, with one executive allegedly being rebuked for attempting to provide substantive responses.
Couche-Tard also noted that it had made significant concessions to address regulatory concerns, including a proposed $1.4 billion reverse termination fee and a willingness to divest U.S. stores. It even floated an alternative structure to acquire 100 per cent of Seven & i’s international business and 40 per cent of its domestic operations, leaving the remaining 60 per cent with existing shareholders.
Seven & i responded Thursday, stating it was “disappointed but not surprised” by Couche-Tard’s decision. The company rejected what it called “numerous mischaracterizations” and insisted it had engaged in good faith throughout the process.
Shares of Seven & i dropped more than 9 per cent following the announcement, closing at ¥2,007.5—well below Couche-Tard’s offer price. The collapse of the deal marks the end of what could have been the largest foreign acquisition of a Japanese company and a transformative moment in global retail.
Alimentation Couche-Tard stock (TSX:ATD) opened trading 9.72 per cent higher at C$79.26 per share but has lost 5.93 per cent since the year began.
Alimentation Couche-Tard Inc. operates in 31 countries and territories, with more than 16,700 stores, of which approximately 13,100 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States.
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