Canada’s Alimentation Couche-Tard has abandoned its ¥6.77 trillion ($45.8 billion) bid to buy Seven & I Holdings, saying the Japanese operator of 7-Eleven convenience stores had refused to engage meaningfully during the almost yearlong pursuit.
"There has been no sincere or constructive engagement from 7&i that would facilitate the advancement of any proposal, contrary to comments made publicly by 7&i representatives,” Couche-Tard said in a letter to Seven & I’s board, released late Wednesday. "Rather, you have engaged in a calculated campaign of obfuscation and delay, to the great detriment of 7&i and its shareholders.”
Seven & I’s stock, which is up more than 25% since Couche-Tard’s interest became public 11 months ago, is likely to decline due to the withdrawn proposal. The stock was suspended from trading early Thursday in Tokyo.
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