Chronology of Events: The various developments in Couche-Tard's pursuit of 7-Eleven's parent company
In a surprising turn of events, Alimentation Couche-Tard Inc., a leading convenience store operator, has withdrawn its bid to acquire Seven & i Holdings Co. Ltd., the Japanese operator of 7-Eleven convenience stores, after a nearly year-long pursuit.
The saga began in July 2024 when Couche-Tard publicly disclosed its interest in acquiring Seven & i Holdings, marking the start of an extensive negotiation process. Despite initial opposition from Seven & i, the two companies signed a non-disclosure agreement in May 2025 to facilitate discussions.
Early in 2025, Couche-Tard made an offer proposing 2,600 yen (approximately $17.50) per share for Seven & i, valuing the deal at about ¥6.77 trillion (roughly $45.8 billion). However, on July 16, 2025, Couche-Tard officially withdrew its bid, citing a "lack of constructive engagement" on the part of Seven & i.
In a letter to Seven & i’s board, Couche-Tard accused the Japanese retailer of refusing to engage meaningfully and instead engaging in a “calculated campaign of obfuscation and delay” that hindered advancement of any proposal. The Canadian company highlighted Seven & i’s failure to engage sincerely or constructively in merger discussions despite public statements to the contrary.
Following the withdrawal, Seven & i’s stock, which had risen more than 25% since Couche-Tard’s interest became public, was suspended from trading in Tokyo and was expected to decline.
In an attempt to revive the talks, on Feb. 27, 2025, discussions resumed between Seven & i and Couche-Tard after a new management buyout proposal from Junro Ito, a vice-president and director of Seven & i, and Ito-Kogyo Co. Ltd., a private company affiliated with him, fell through due to financing issues. However, Seven & i was open to talks if Couche-Tard put forth a proposal that recognized its value and addressed regulatory concerns.
On March 9, 2025, both sides were working together to map out potential buyers for convenience stores to satisfy U.S. antitrust regulators. The failed acquisition resulted from almost a year of pursuit marked by non-cooperative behaviour from Seven & i, leading Couche-Tard to abandon its bid due to a breakdown in meaningful dialogue and cooperation between the two sides.
The decision by Alimentation Couche-Tard Inc. to withdraw its bid for Seven & i Holdings Co. Ltd. was a significant event in the corporate world, widely reported in various media outlets in Toronto and beyond. This turn of events marked a setback in the burgeoning business partnership between the two global convenience store giants. The withdrawal follows a prolonged negotiation process, during which Couche-Tard expressed concerns about Seven & i's lack of constructive dialogue and engagement in finance and business matters. Despite the breakdown, the industry watchers continue to closely monitor the situation, anticipating potential future developments that might resume the acquisition talks between the two companies.
