Billionaire 7-Eleven Heirs’ Buyout Bid Followed Hasty U-Turn (1)

It was just three months ago that Junro Ito, the heir behind Japan’s 7-Eleven chain, was pitching investors to buy the stock of Seven & i Holdings Co.

“We would like to spread our retail business and strengths in food not only within Japan but also around the world,” the billionaire told retail investors in a video interview in August. “I hope that you will become a shareholder and watch over our growth together.”

That was before the disclosure of Alimentation Couche-Tard Inc.’s pursuit of its rival, the biggest ever foreign attempt to buy a Japanese target, ruffled ...