TOKYO, Jul 18 (News On Japan) - Canadian convenience store giant Alimentation Couche-Tard has announced it is withdrawing its acquisition proposal for Seven & i Holdings, citing a lack of constructive engagement.
The Montreal-based retailer, which had made a buyout offer for Seven & i last year, said the decision to withdraw stemmed from concerns over the Japanese firm's governance. Couche-Tard criticized the company for failing to provide sufficient disclosure and for allegedly engaging in actions that created intentional confusion and delays. It stated that the discussions lacked the necessary constructiveness to move forward.
In response, Seven & i issued a statement saying it had engaged in "sincere and constructive" talks in pursuit of a deal, but acknowledged that the withdrawal was "within the range of possibilities."
Following the announcement, Seven & i shares dropped more than 9% in morning trading.
The roughly 7 trillion yen buyout proposal has now come to an end after about a year of negotiations.
Source: TBS
