Canada¡¯s Alimentation Couche-Tard has abandoned its ?6.77 trillion ($45.8 billion) bid to buy Seven & I Holdings, saying the Japanese operator of 7-Eleven convenience stores had refused to engage meaningfully 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 letter to 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 stock, which is up more than 25% since Couche-Tard¡¯s interest became public 11 months ago, is likely to decline due to the withdrawn proposal. The stock was suspended from trading early Thursday in Tokyo.
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