Canadian retail chain Alimentation Couche-Tard drops proposal to acquire Seven & i Holdings Co., parent company of 7-Eleven, due to lack of constructive engagement in negotiations. Initial offer was 2,600 yen per share, a 47.6% premium. Couche-Tard expressed frustration at Seven & i’s response and withdrew the proposal.

Seven & i Holdings Co. acknowledged the dropped offer and stated commitment to standalone value creation plan. Some analysts suggest management could improve global potential and marketing strategies. New 7-Eleven CEO, Stephen Hayes Dacus, aims for a leaner business by focusing on supply chain and regional offerings.

For the first quarter, Seven & i reported a profit doubling to 49 billion yen, boosted by property sales. Quarterly sales remained steady, aided by favorable exchange rates for overseas earnings. 7-Eleven’s ubiquitous presence in Japan offers a wide range of products and services, from stationery to hot coffee.

Read more at Yahoo Finance: Canada’s Couche-Tard drops offer to buy Japanese 7-Eleven convenience stores