Convenience-store giant and Circle K owner Alimentation Couche-Tard announced on July 16 that it has withdrawn its nearly $47 billion proposal to acquire Seven & I Holdings Co. Ltd. “due to a lack of constructive engagement” by the 7-Eleven owner.
In a one-page letter to Seven & I’s board of directors, Couche Tard CEO Alex Miller explains the Canadian convenience-store operator’s unsuccessful attempts to engage Tokyo-based Seven & I with a multibillion-dollar takeover bid, which he says was a 47 percent premium over the Japanese multinational’s privately held stock.
