Failed Negotiations Lead to Withdrawal

Canada's Alimentation Couche-Tard Inc. has officially withdrawn its ambitious $47 billion bid to acquire Seven & i Holdings, the Japanese parent company of the global 7-Eleven convenience store chain. The decision comes after a year of what Couche-Tard describes as a lack of "constructive" engagement from Seven & i's leadership.

A Letter of Disappointment

In a revealing letter to Seven & i's board, Couche-Tard expressed its frustration over the failed negotiations. "Despite our repeated attempts for a friendly dialogue with the Ito family, the founding family of Seven & i, our efforts were met with silence and uncooperativeness," the letter stated. The company accused Seven & i of engaging in a "calculated campaign of obfuscation and delay," which it believes has harmed the interests of Seven & i's shareholders.

The Path Not Taken

Couche-Tard remains convinced that a merger between the two companies would have been "the most straightforward and effective way to maximize value" for both parties. However, without "deeper and genuine further engagement from 7&i leadership," the Canadian retailer sees no viable path forward to realize this vision.