Couche-Tard Abandons $46 Billion Bid to Acquire Seven & i (5)

Canada’s Alimentation Couche-Tard Inc. has abandoned its ¥6.77 trillion ($45.8 billion) bid to buy Seven & i Holdings Co., saying the Japanese operator of 7-Eleven convenience stores had refused meaningful engagement 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 letterto 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 ...